Edición impresa Revista Judicial del 21 de julio de 2011

Ä

Ä‚Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?Ċććĉ (1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

"(3.1 ĹŠ ÂĄ ĹŠ

ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠĹŠĹŠĹŠ'33/ľľ666Ä“"#1#!'.#!4 ".1Ä“!., (1#!!(¢-Ä–ĹŠ 1#- 2ĹŠ8ĹŠÄˆÄ‡ĹŠ"#ĹŠ %.23.ĔŊ "($Ä“ĹŠ (5 -!.ĔŊĎ3.Ä“ĹŠ/(2.ŊġŊ #+_$.-.2Ä–ĹŠÄ‰ÄŽÄŽÄˆÄąÄŽÄŽÄ‰ÄľÄ‰ÄŽÄŽÄŽÄąÄŒÄŠÄˆÄľÄ‰ÄŽÄ‡Ä‡ÄąÄ‰ÄŒÄŽÄľÄ‰ÄŽÄŽÄ‰ÄąÄˆÄŠÄŽĹŠĹŠÄˇĹŠ Äą, (+Ä– ĹŠ)4"(!( +Äž"#1#!'.#!4 ".1Ä“!.,ĹŠ

Ä–ĹŠ Ä“ĹŠ ^ĹŠ } ĹŠ }

87I; 9EDIJ?JK9?ED7B ;b 7hj$ '/& Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW i[‹WbW0 ÆI[ h[YedeY[ [b WhX_jhW`[" bW c[Z_WY_ÂŒd o ejhei fheY[Z_# c_[djei Wbj[hdWj_lei fWhW bW iebkY_ÂŒd Z[ Yed\b_Yjei$ ;ijei fheY[Z_c_[djei i[ Wfb_# YWh|d Yed ik`[Y_ÂŒd W bW b[o" [d cWj[h_Wi [d bWi gk[ feh ik dWjkhWb[pW i[ fk[ZW jhWdi_]_h$ ;d bW YedjhWjWY_ÂŒd f‘Xb_YW fheY[Z[h| [b WhX_jhW`[ [d Z[h[Y^e" fh[l_e fhedkd# Y_Wc_[dje \WlehWXb[ Z[ bW FheYkhWZkh‡W =[d[hWb Z[b ;ijWZe" Yed\ehc[ W bWi Yed# Z_Y_ed[i [ijWXb[Y_ZWi [d bW b[oÇ$ C_[djhWi gk[ ieXh[ bW `kij_Y_W ehZ_dWh_W bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW jhWjW Z[iZ[ [b 7hj$ '.( Wb '.." j[cW gk[ be jhWje [d lWh_ei Whj‡Ykbei fkXb_YWZei [d [ijW c_icW I[YY_ÂŒd @kZ_Y_Wb Z[ Z_Wh_e BW >ehW$ De ebl_Z[cei gk[ [b 7hj$ ' Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW [d ik fWhj[ fh_c[hW" i[‹WbW gk[ Æ;b ;YkWZeh [i kd ;ijWZe Yedij_jkY_e# dWb Z[ Z[h[Y^ei o `kij_Y_W$$$Ç$ :[ jWb cWd[hW gk[ WYjkWbc[dj[ j[d[cei i_[j[ YbWi[i Z[ `kij_Y_W" gk[ ied bWi i_]k_[dj[i0 '$ BW `kij_Y_W ehZ_dWh_W1 ($ BW `kij_Y_W _dZ‡][dW1 )$ BW `kij_Y_W Z[ fWp o [gk_ZWZ1 *$ Bei c[Z_ei Wbj[hdWj_lei Z[ iebk# Y_ÂŒd Z[ Yed\b_Yjei1 +$ BW `kij_Y_W Z[ bW 9eckd_ZWZ 7dZ_dW Z[ DWY_ed[i" jeZW l[p gk[ [b ;YkWZeh \ehcW fWhj[ Z[ Z_Y^W eh]Wd_pWY_ÂŒd" Yed`kd# jWc[dj[ Yed [b F[h‘" 8eb_l_W o 9ebecX_W1 ,$ BW `kij_Y_W ?dj[hWc[h_YWdW" jeZW l[p gk[ iecei fWhj[ Z[ bW 9edl[dY_ÂŒd ?dj[hWc[h_YWdW Z[ :[h[Y^ei >kcWdei" e FWYje Z[ IWd @eiƒ Z[ 9eijW H_YW" o [i bW 9ehj[ ?dj[hWc[h_YWdW Z[ :[h[Y^ei >kcWdei Yed i[Z[ [d IWd @eiƒ" bW [dYWh]WZW Z[ WZc_# d_ijhWh `kij_Y_W1 o" -$ BW `kij_Y_W kd_l[hiWb" jeZW l[p gk[ [b ;YkWZeh \_hcÂŒ [b ;ijWjkje Z[ HecW" gk[ [ij| [d l_][dY_W [d dk[ijhe fW‡i Z[iZ[ [b W‹e (&&(" o [i bW 9ehj[ F[dWb ?dj[hdWY_edWb Yed i[Z[ [d BW >WoW" bW [dYWh]W# ZW Z[ WZc_d_ijhWh [ijW `kij_Y_W$ 9EC;DJ7H?E Jkl[ [b ^edeh Z[ Z_h_]_h bW j[i_i Z[ WXe]WY‡W ieXh[ [b j[cW ÆBW

ĹŠ,#"( !(¢-ĹŠ 8ĹŠ+ ĹŠ)423(!( ĹŠ .1"(- 1( C[Z_WY_Â&#x152;d Fh[`kZ_Y_Wb EXb_]Wjeh_W [d [b ;YkWZeh0 H[\ehcWi W bW 9edij_jkY_Â&#x152;d o B[o Z[ 7hX_jhW`[ o C[Z_WY_Â&#x152;d Yece iebkY_Â&#x152;d W bW WYk# ckbWY_Â&#x152;d Z[ YWkiWi [d bW <kdY_Â&#x152;d @kZ_Y_WbĂ&#x2021; Z[ bW Z_ij_d]k_ZW WXe]WZW ;l[bod @_cÂ&#x192;d[p" [d bW gk[ h[if[Yje Wb j[cW Z[b fh[i[dj[ WhjÂ&#x2021;Ykbe i[Â&#x2039;W# bW be i_]k_[dj[$ Ă&#x2020;9ed bW \_dWb_ZWZ Z[ fbWdj[Wh kd [igk[cW `khÂ&#x2021;Z_Ye _dj[]hWb h[if[Yje Z[ bei fheY[iei Z[ c[Z_WY_Â&#x152;d" [i _cfehjWdj[ Z_i[Â&#x2039;Wh kd [igk[cW YecfWhWj_le Z[ bW h[\[h_ZW fh|Y# j_YW fWhW bW h[iebkY_Â&#x152;d Wc_ijeiW Z[ Yed\b_Yjei o bei fheY[iei gk[ i[ _cfkbiWd [d bWi Z_\[h[dj[i `kZ_YW# jkhWi Z[b fWÂ&#x2021;i$ 7b [\[Yje" Z[X[ c[dY_edWhi[ Yece YWhWYj[hÂ&#x2021;ij_YWi Z[ijWYWZWi o YedjhWZ_Yjeh_Wi fhef_Wi Z[ YWZW kde Z[ bei jÂ&#x152;f_Yei fhefk[ijei" bei i_]k_[dj[i \WYjeh[i0 W JWdje bW c[Z_WY_Â&#x152;d Yece bW h[ie# bkY_Â&#x152;d Z[ YWkiWi feh fWhj[ Z[ bW <kdY_Â&#x152;d @kZ_Y_Wb ied Z[ YWh|Yj[h lebkdjWh_e o efY_edWb" i_d gk[

[ije eXij[ fWhW gk[ [d [b i[]kd# Ze YWie i[ ec_jW [ijW YWhWYj[hÂ&#x2021;i# j_YW o i[ bb[l[d WZ[bWdj[ fheY[# iei `kZ_Y_Wb[i Z[ e\_Y_e" [ije [i feh _d_Y_Wj_lW Z[b ;ijWZe1 X Kd fkdje Z[ Z_\[h[dY_W [djh[ bWi Zei fh|Yj_YWi YecfWhWZWi" Yedij_jko[ [b ^[Y^e Z[ gk[ bW ikijWdY_WY_Â&#x152;d `kh_iZ_YY_edWb [i Z[ YWh|Yj[h WZl[hiWh_Wb" [d jWdje gk[ bW c[Z_WY_Â&#x152;d fheYkhW [l_jWh jeZe j_fe Z[ fh|Yj_YW [cWdWZW Z[ [ijW YedZ_Y_Â&#x152;d" [ije ][d[hW feh be jWdje" gk[ bW c_icW _cfb_# gk[ Wif[Yjei Z[ ckjkW YebWXe# hWY_Â&#x152;d [djh[ bWi fWhj[i gk[ i[ ^WbbWd [d b_j_]_e1 Y ;d bW c[Z_WY_Â&#x152;d" bW h[ifediW# X_b_ZWZ Z[b Yedjheb o bW jecW Z[ Z[Y_i_ed[i h[bWY_edWZWi Yed bW j[c|j_YW [d Yedjhel[hi_W h[YW[ Z_h[YjWc[dj[ ieXh[ bei _dlebk# YhWZei [d [b b_j_]_e" be YkWb" Z[j[h# c_dW bWi YedZ_Y_ed[i d[Y[iWh_Wi fWhW h[iebl[h [b Wikdje [d XWi[ W bW f[hiedWb_pWY_Â&#x152;d o bW eXi[h# lWdY_W Z[ bei _dj[h[i[i Z[ bei

fWhj_Y_fWdj[i$ ;ije de ikY[Z[ [d [b YWie Z[ bei fheY[Z_c_[djei `kZ_Y_Wb[i" fk[i ik dWjkhWb[pW b[ Yed\_[h[ Wb ;ijWZe feh c[Z_e Z[ bWi Wkjeh_ZWZ[i Yecf[j[dj[i" fbWdj[Wh bei c[Z_ei e Wbj[hdWj_# lWi Z[ h[iebkY_Â&#x152;d Z[b Yed\b_Yje" WYWjWdZe i_[cfh[ [b fh_dY_f_e Z[ b[]Wb_ZWZ o [b [ijh_Yje Ykc# fb_c_[dje Z[ bW b[o1 Z ;d YkWdje i[ h[\_[h[ W bei fheY[# iei Z[ c[Z_WY_Â&#x152;d" [ijei ied Z[ YWh|Yj[h Yed\_Z[dY_Wb o h[i[hlW# Ze" h[c_j_Â&#x192;dZei[ [b YedeY_c_[d# je Z[ be WYjkWZe Â&#x2018;d_YWc[dj[ W bWi fWhj[i gk[ _dj[hl_[d[d [d [b fheY[ie o W bW f[hiedW gk[ Z[i# [cf[Â&#x2039;W bW \kdY_Â&#x152;d Z[ c[Z_WZeh$ Feh ejhW fWhj[" [d [b YWie Z[ bei fheY[iei `kZ_Y_Wb[i" YWX[ c[d# Y_edWh gk[ ied [d bW ][d[hWb_ZWZ Z[ bei YWiei Z[ YWh|Yj[h fÂ&#x2018;Xb_Ye" hWpÂ&#x152;d feh bW YkWb" jeZe be WYjkW# Ze fk[Z[ i[h YedeY_Ze Z[ cWd[# hW _dZ[f[dZ_[dj[ feh YkWbgk_[h c_[cXhe Z[ bW ieY_[ZWZĂ&#x2021;$

9ED9BKI?ED;I ;d bW c[dY_edWZW j[i_i" bW Z_i# j_d]k_ZW Yeb[]W ;l[bod @_cÂ&#x192;d[p" cWd_\_[ijW [d h[ikc[d be i_]k_[d# j[0 '$ BW <kdY_Â&#x152;d @kZ_Y_Wb" bWc[djW# Xb[c[dj[ de Yk[djW" d_ Yed bei h[Ykhiei [YedÂ&#x152;c_Yei" ^kcW# dei e \Â&#x2021;i_Yei fWhW W\hedjWh bW [dehc[ Z[cWdZW ieY_Wb [d iki i[hl_Y_ei" be YkWb ][d[hW kdW _cfei_X_b_ZWZ fWhW gk[ [b ;ijWZe [YkWjeh_Wde ]WhWdj_Y[ [b jkj[bW`[ [\[Yj_le Z[ bei ^[Y^ei Y_kZWZWdei" Z[ jWb ceZe gk[ i[ [ijWhÂ&#x2021;W l_ebWdZe [b 7hj$ -+ Z[ bW 9edij_jkY_Â&#x152;d Z[ bW H[fÂ&#x2018;Xb_YW gk[ Z_Y[ Ă&#x2020; JeZW f[hiedW j_[d[ Z[h[Y^e Wb WYY[ie ]hWjk_je W bW `kij_Y_W o W bW jkj[bW [\[Yj_lW" _cfWhY_Wb o [nf[Z_jW Z[ iki Z[h[Y^ei [ _dj[h[i[i" Yed ik`[# Y_Â&#x152;d W bei fh_dY_f_ei Z[ _dc[# Z_WY_Â&#x152;d o Y[b[h_ZWZ1 [d d_d]Â&#x2018;d YWie gk[ZWh| [d _dZ[\[di_Â&#x152;d$ ;b _dYkcfb_c_[dje Z[ bWi h[ie# bkY_ed[i `kZ_Y_Wb[i i[h| iWdY_e# dWZe feh bW b[oĂ&#x2021;1 ($ Gk[ bW \_]khW Z[ bW c[Z_WY_Â&#x152;d o ejhWi Wbj[hdWj_lWi [njhW`k# Z_Y_Wb[i fWhW bW h[iebkY_Â&#x152;d Z[ Yed\b_Yjei [djh[ fh_lWZei e [djh[ fh_lWZei o [dj_ZWZ[i Z[ Z[h[Y^e fÂ&#x2018;Xb_Ye" ^W i_Ze _cfb[# c[djWZe [d [b hÂ&#x192;]_c[d b[]Wb Z[b ;YkWZeh Z[ cWd[hW h[Y_[dj[" o [ij[ ^[Y^e Z[X[ i[h Z[ijWYW# Ze" oW gk[ Z[dejW kd b[jWh]e Z[ bW <kdY_Â&#x152;d ;`[Ykj_lW o bW <kdY_Â&#x152;d B[]_ibWj_lW" WiÂ&#x2021; Yece kdW _dYecf[j[dY_W WZc_d_i# jhWj_lW" h[if[Yje Z[ bW WZefY_Â&#x152;d Z[ c[Z_ZWi ieY_e `khÂ&#x2021;Z_YWi gk[ YbWhWc[dj[ _cfb_YWd kd X[d[# \_Y_e fWhW bW Yeckd_ZWZ [dj[hW" jWb Yece ^W gk[ZWZe Z[cei# jhWZe [d bW cWoehÂ&#x2021;W Z[ fWÂ&#x2021;i[i gk[ Z[iZ[ oW ^WY[ lWh_Wi ZÂ&#x192;YW# ZWi WZefjWhed [ijW ceZWb_ZWZ fWhW iebkY_edWh Z_ij_djei j_fei Z[ Yedjhel[hi_Wi1 )$ BW dWjkhWb[pW `khÂ&#x2021;Z_YW Z[ bW c[Z_WY_Â&#x152;d i[ [dYk[djhW \kd# ZWc[djWZW [d fWh|c[jhei gk[ Wi[]khWd ik Yed\_]khWY_Â&#x152;d [ _cfb[c[djWY_Â&#x152;d Z[ [ijW \_]khW b[]Wb [d YkWbgk_[h i_ij[cW `khÂ&#x2021;# Z_Ye Z[b ckdZe" fk[i jecWd [d Yk[djW jWdje bWi d[Y[i_ZWZ[i _dZ_l_ZkWb[i" Yece bWi d[Y[i_# ZWZ[i ieY_Wb[i" o feh be jWdje" :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä&#x201A;

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ?

bW Yedl_[hj[d [d kdW [nY[b[dj[ Wbj[hdWj_lW W i[h WZefjWZW fWhW h[iebl[h Wb c[dei [d fWhj[" bW fheXb[c|j_YW gk[ Wgk[`W Wb i_i# j[cW `kZ_Y_Wb [YkWjeh_Wde1 *$ Bei fheY[iei Z[ c[Z_WY_Â&#x152;d o ejhWi \ehcWi Z[ h[iebkY_Â&#x152;d [njhW`kZ_Y_Wb Z[ Yedjhel[hi_Wi" Yedij_jko[d Z[ cWd[hW Z[j[h# c_dWdj[ kdW Wbj[hdWj_lW l_WXb[ [d ik Wfb_YWY_Â&#x152;d o [\[Yj_lW [d bei h[ikbjWZei gk[ ][d[hW" fWhW h[iebl[h bW YhÂ&#x2021;j_YW i_jkWY_Â&#x152;d W bW YkWb i[ [d\h[djW [b YebWfiWZe i_ij[cW `kZ_Y_Wb [YkWjeh_Wde1 fk[i [ij[ \WYjeh i[ Y_hYkdiYh_X[ Z[ cWd[hW Z_h[YjW Yed [b Wc_de# hWc_[dje Z[ bW YWh]W bWXehWb gk[ ^eo [d ZÂ&#x2021;W j_[d[d gk[ iefehjWh bWi Z_\[h[dj[i `kZ_YWjkhWi Z[b fWÂ&#x2021;i1 Z[ jWb ceZe gk[ bW dWjkhW# b[pW [njhW`kZ_Y_Wb Z[ bW c[Z_W# GF;<I JLG<I@EK<E;<E:@8 ;< :FDG8zĂ 8J <OKI8:KF ;< CFJ ;F:LD<EKFJ <E 98J< 8 CFJ :L8C<J J< :FE:<;< <C G<ID@JF G8I8 FG<I8I<E <C <:L8;FI 8 C8 :FDG8zĂ 8 JF:@<;8; C@D@K8;8 =FIJ8>< J\ Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ cX ZfdgXÂ&#x152;Â&#x2C6;X \okiXea\iX JF:@<;8; C@D@K8;8 =FIJ8><# [\ eXZ`f$ eXc`[X[ iljX# j\ [fd`Z`c`Â? \e cX I\gÂ&#x2019;Yc`ZX [\c <ZlX[fi# d\[`Xek\ [fj gifkfZfc`qXZ`fe\j \]\ZklX[Xj \c *' [\ ale`f [\ )'((# Xek\ \c EfkXi`f M`^Â&#x201E;j`df :lXikf [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% =l\ Xlkf$ i`qX[X gfi cX Jlg\i`ek\e[\eZ`X [\ :fdgXÂ&#x152;Â&#x2C6;Xj gXiX \jkXYc\Z\i leX jlZlijXc \e \c <ZlX[fi p fg\iXi \e \c gXÂ&#x2C6;j d\[`Xek\ I\jfclZ`Â?e Ef% J:%@A% ;A:GK<%H%((%)00, [\ . [\ alc`f [\ )'(( p j\ cX `ejZi`Y`Â? \e \c I\^`jkif D\iZXek`c [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \c (* [\ alc`f [\ )'((% (% EXZ`feXc`[X[1 IljX% )% ;fd`Z`c`f [\ cX JlZlijXc \e \c <ZlX[fi1 ;`jki`kf D\kifgfc`kXef [\ Hl`kf% *% 8Zk`m`[X[ [\ cX ZfdgXÂ&#x152;Â&#x2C6;X \okiXe$ a\iX1 @dgfikXZ`Â?e# \ogfikXZ`Â?e p e\^fZ`f [\ cXj j`^l`\ek\j d\iZXe$ ZÂ&#x2C6;Xj1 $ XgXiXkfj mfcXek\j [\ kf[fj cfj k`gfj p ZXk\^fiÂ&#x2C6;Xj# jlj Zfdgf$ e\ek\j# g`\qXj [\ i\gl\jkf# \hl`gf p dXk\i`Xc\j gXiX jl ]XYi`ZXZ`Â?e# dXek\e`d`\ekf p fg\iXZ`Â?e%%%% +% :Xg`kXc 8j`^eX[f1 LJ; )%)''#'' [\ cfj <jkX[fj Le`[fj [\ 8dÂ&#x201E;i`ZX% ',% I\gi\j\ekXek\ \e \c <ZlX[fi1 J\Â&#x152;fi 8i`\c If[iÂ&#x2C6;^l\q 9fcXÂ&#x152;f# [\ eXZ`feXc`[X[ ZlYXeX# Zfe [fd`Z`$ c`f \e \c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% GF;<I CX JfZ`\[X[ C`d`kX[X =FIJ8>< [\ cX Z`l[X[ [\ PXifjcXmc# =\[\iXZ`Â?e IljX # i\gi\j\ekX[X gfi jl ;`i\Zkfi Q8>MFQ;@E E`bfcXp M`bkfifm`Z_# hl\ gifZ\[\ [\ cfj <jkXklkfj# c\ fkfi$ ^X GF;<I Xc j\Â&#x152;fi 8i`\c If[iÂ&#x2C6;^l\q 9fcXÂ&#x152;f hl\ X Zfek`elXZ`Â?e j\ [\efd`eXi} 8gf[\iX[f # :Â&#x201E;[lcX [\ @[\ek`[X[ Ef% (.,','00*,# Z`l$ [X[Xef [\ cX I\gÂ&#x2019;Yc`ZX [\ :lYX# ]\Z_X [\ eXZ`d`\ekf (' [\ X^fjkf [\ (0/*# i\j`[\ek\ \e cX Z`l[X[ [\ Hl`kf# <ZlX[fi# gXiX hl\ i\gi\j\ek\ X cX JfZ`\[X[ C`d`kX[X =FIJ8><# \e \c <ZlX[fi# Zfe Xdgc`Xj ]XZlckX[\j gXiX i\Xc`qXi kf[fj cfj e\^fZ`fj p XZkfj aliÂ&#x2C6;[`Zfj hl\ _XpXe [\ Z\c\$ YiXij\ p jlik`i \]\Zkfj \e \c k\ii`kfi`f \ZlXkfi`Xef# p \jg\Z`Xcd\ek\ gXiX hl\ gl\[X Zfek\jkXi cXj [\dXe[Xj p Zldgc`i Zfe cXj fYc`^XZ`fe\j ZfekiXÂ&#x2C6;$ [Xj \e \c \a\iZ`Z`f [\ Gf[\i% <c 8gf[\iX[f hl\[X ]XZlckX[f% gXiX i\Xc`qXi kf[fj cfj ki}d`k\j Xek\ cX Jlg\i`ek\e[\eZ`X [\ :fdgXÂ&#x152;Â&#x2C6;Xj gXiX \jkXYc\Z\i leX jlZlijXc [\ cX JfZ`\[X[ C`d`kX[X =FIJ8>< \e cX Z`l[X[ [\ Hl`kf# <ZlX[fi2 gXiX jfc`Z`kXi X cfj YXeZfj cfZXc\j cX Xg\ikliX [\ cX :l\ekX [\ @ek\^iXZ`Â?e [\ :Xg`kXc Zfe cX jldX [\ ;fj d`c [fjZ`\ekfj [Â?cXi\j [\ cfj <jkX[fj Le`[fj [\ 8dÂ&#x201E;i`ZX LJ )%)'' 2 gXiX \c\mXi \c ZXg`kXc Xj`^eX[f

Ĺ?

Y_Â&#x152;d o ejhei fheY[iei Z[ i_c_bW# h[i YWhWYj[hÂ&#x2021;ij_YWi" Z[j[hc_dWd gk[ kd ]hWd dÂ&#x2018;c[he Z[ YWkiWi fk[ZWd i[h h[ik[bjWi [d XWi[ Wb Z_|be]e o Wb WYk[hZe Z[ bWi fWhj[i [d Yed\b_Yje" i_d gk[ fWhW Z_Y^W Y_hYkdijWdY_W" i[ ^WoW YedjWZe XW`e d_d]Â&#x2018;d fWh|c[jhe Yed bW fWhj_Y_fWY_Â&#x152;d Z[ Wkjeh_ZWZ[i `kh_iZ_YY_edWb[i1 +$ ;b f[h\[YY_edWc_[dje fh|Yj_Ye Z[ bW c[Z_WY_Â&#x152;d o ejhWi \ehcWi fheY[iWb[i fWhW bW h[iebkY_Â&#x152;d Z[ Yedjhel[hi_Wi" [i YWfWp Z[ ][d[hWh kd YkWdj_eie W^ehhe Z[ bei h[Ykhiei \_iYWb[i" gk[ ied Z[ij_dWZei W bW ikijWdY_WY_Â&#x152;d Z[ YWkiWi `kZ_Y_Wb[i [d jeZe [b fWÂ&#x2021;i" fk[i bei fheY[iei Z[ c[Z_WY_Â&#x152;d ^WY[d \WYj_Xb[ [b YedeY_c_[dje o Z[iWhhebbe Z[ [ij[ j_fe Z[ ][i# j_ed[i feh fWhj[ Z[ f[hiedWi Z[ Z[h[Y^e fh_lWZe1 ,$ BW fej[ijWZ Z[ [iYe][h [ijei c[Z_ei Wbj[hdWj_lei Z[ iebkY_Â&#x152;d Z[ Yed\b_Yjei" jeZWlÂ&#x2021;W de YWbW [d bW YkbjkhW `khÂ&#x2021;Z_YW Z[ bei Y_kZW# ZWdei [YkWjeh_Wdei" Z[ jWb ceZe gk[ ^Wo gk[ [ZkYWh W dk[ijhei

ZlXe[f cX Xlkfi`[X[ \ZlXkfi`XeX cf i\hl`\iX2 gXiX i\^`jkiXi [`Z_f ZXg`kXc Zfdf `em\ij`Â?e \okiXea\iX \e \c 9XeZf :\ekiXc [\c <ZlX[fi% <c 8gf[\iX[f hl\[X ]XZlckX[f gXiX \a\ZlkXi kf[fj cfj XZkfj p ZfekiXkfj hl\ j\ i\cXZ`feXe Zfe cXj XZk`m`[X$ [\j [\ cX ZfdgXÂ&#x152;Â&#x2C6;X2 \jg\Z`Xcd\ek\ cXj i\cXZ`feX[Xj Zfe cX `dgfikXZ`Â?e# \ogfikXZ`Â?e m\ekX# Xii\e[Xd`\ekf# [`jki`YlZ`Â?e# dXek\e`d`\ekf# \eki\$ eXd`\ekf# ZXgXZ`kXZ`Â?e# gifm`j`Â?e [\ \hl`gfj# gXik\j# g`\qXj p i\gl\jkfj [\ kf[f k`gf p ZXk\^fiÂ&#x2C6;X [\ X\if$ eXm\j# \jg\Z`Xcd\ek\ [\ XcX ]`aX p ifkXkfi`X2 j\im`Z`fj gXiX cX `ejkilZ$ Z`Â?e [\ g\ijfeXc [\ ml\cf p kÂ&#x201E;Ze`Zf# XjÂ&#x2C6; Zfdf [\ kf[Xj cXj XZk`m`[X[\j hl\ Zfe]fidXe \c fYa\kf jfZ`Xc [\ cX JfZ`\[X[ C`d`kX[X =FJ8>< p# \e \jg\Z`Xc cXj Zfek\e`[Xj \e cX ;\Z`j`Â?e Ef% ( [\ cX ZfdgXÂ&#x152;Â&#x2C6;X kfdX$ [X \c )+ [\ dXiqf [\ )'((% GXiX \c Zldgc`d`\ekf [\c Gf[\i# \c 8gf[\iX[f \jk} ]XZlckX[f i\Xc`qXi kf[fj cfj ki}d`k\j Xek\ cXj Xlkf$ i`[X[\j [\ \ek`[X[\j gÂ&#x2019;Yc`ZXj# j\d`gÂ&#x2019;Yc`ZXj p gi`mX[Xj# XjÂ&#x2C6; Zfdf XYi`i Zl\ekXj Zfii`\ek\j f [\ fkif k`gf \e cfj YXeZfj f `ejk`klZ`fe\j ]`eXeZ`\iXj \ZlXkfi`XeXj2 ZfekiXkXi g\ijfeXc# ^`iXi Z_\hl\j# gX^Xi [\l$ [Xj# _fefiXi`fj# i\dle\iXZ`fe\j# [`m`[\e[fj# \kZ% <e efdYi\ [\ cX JfZ`\[X[ C`d`kX[X =FIJ8><# \c 8gf[\iX[f `e`Z`Xi} Zfem\ijXZ`fe\j# Z\c\YiXi} kiXejXZZ`fe\j# XZl\i$ [fj# ZfekiXkfj [\ X[hl`j`Z`Â?e# ljf Xii\e[Xd`\ekf# ZfdgiX [\ dl\Yc\j \ `edl\Yc\j# f]i\Z\i \e Xchl`c\i# \e c\Xj`e^# _`gfk\ZX# ljl]ilZkf# gi\e[X# j`\dgi\ \e Y\e\]`Z`f [\ cX JfZ`\[X[ C`d`kX[X =FIJ8><# \c 8gf[\iX[f gf[i} \a\iZ\i \c gi\j\ek\ Gf[\i gXiX Zldgc`i Zfe cXj Xki`YlZ`fe\j hl\ j\ c\ \eZXi^Xe X kiXmÂ&#x201E;j [\ \jk\ Gf[\i p cXj hl\ [\YX Zldgc`i [\ XZl\i[f Zfe cXj c\p\j \ZlXkfi`XeXj% ;\ XZl\i[f Zfe cX C\p [\ cX =\[\iXZ`Â?e IljX# \jk\ Gf[\i j\ dXek\e[i} m`^\ek\ _XjkX \c '0 [\ DXpf [\ )'(+% ;`i\Zkfi &]`idX[f& E% M% Q8>MäQ;@E J\ccf1 CX JfZ`\[X[ C`d`kX[X =FIJ8><% :`l[X[ [\ PXifjcXmc% <e cX Z`l[X[ [\ DfjZÂ&#x2019;# [\ cX =\[\iXZ`Â?e IljX X '/ [\ ale`f [\ )'((% Pf# 8D8C@8 IFD8EFME8 9@9@J?<M 8# EfkXi`f [\ cX Z`l[X[ [\ DfjZÂ&#x2019;# ;FP =< ;< HL<1 \j leX Zfg`X c`k\iXc [\ cX dXki`q% <e cX Â&#x2019;ck`dX XgXi\Z\e iXjgX[liXj# XÂ&#x152;X[`[liXj# gXcXYiXj kXZ_X[Xj l fkiXj \ed`\e[Xj ef \jk`glcX[Xj e` XefdXcÂ&#x2C6;X Xc^leX% @ejZi`kf \e \c C`Yif @e[`ZX[fi Zfe E² ,$(0'-( :fYiX[f \c XiXeZ\c1 (' ilYcfj EfkXi`f1 ]`idX[f J\ccf i\[fe[f Zfe \jZl[f [\ XidXj eXZ`feXc1 EfkXi`f [\ cX Z`l[X[ [\ DfjZÂ&#x2019; 8% I% 9`Y`j_\mX% I8QFE1 <e Zldgc`d`\ekf X cf [`jgl\jkf gfi \c ;fZkfi :Xd`cf MXc[`m`\jf :l\mX# @ek\e[\ek\ [\ :fdgXÂ&#x152;Â&#x2C6;Xj [\ Hl`kf# j\^Â&#x2019;e I\jfclZ`Â?e EÂ&#x2019;d\if J:%@A%;A:GK<% H%((%)00,# [\ ]\Z_X j`\k\ [\ alc`f [\c [fj d`c feZ\# j\ kfdX efkX [\c Zfek\e`[f [\ cX d`jdX# Xc dXi^\e [\ cXj GifkfZfc`qXZ`fe\j ) [\ ]\Z_X ki\`ekX [\ ale`f [\c [fj d`c

feZ\# hl\ Zfek`\e\e cfj [fZld\ekfj \o`^`[fj gfi \c XikÂ&#x2C6;Zlcf +(, [\ cX C\p [\ :fdgXÂ&#x152;Â&#x2C6;Xj gi\m`f Xc \jkX$ Yc\Z`d`\ekf [\ cX jlZlijXc \e \c <ZlX[fi [\ cX :fdgXÂ&#x152;Â&#x2C6;X \okiXea\iX JF:@<;8; C@D@K8;8 =FIJ8><# [\ eXZ`feXc`[X[ IljX# d\[`Xek\ cX ZlXc j\ :Xc`]`ZX [\ Jl]`Z`\ek\j X cfj d\e$ Z`feX[fj [fZld\ekfj fkfi^X[fj \e \c \ok\i`fi p j\ ZfeZ\[\ \c g\id`jf gXiX fg\iXi X cX d\eZ`feX[X ZfdgX$ Â&#x152;Â&#x2C6;X \e \c gXÂ&#x2C6;j p ZXc`]`ZX [\ jl]`Z`\ek\ \c Gf[\i fkfi^X[f X ]Xmfi [\c j\Â&#x152;fi 8i`\c If[iÂ&#x2C6;^l\q 9fcXÂ&#x152;f%$ Hl`kf# [fZ\ [\ alc`f [\c [fj d`c feZ\%$ ;i% J\YXjk`}e MXc[`m`\jf :l\mX EFK8I@F M@>yJ@DF :L8IKF HL@KF I<>@JKIF D<I:8EK@C ;<C :8EKäE HL@KF QFE1 :fe \jkX ]\Z_X hl\[X `ejZi`kf \c gi\j\ek\ ;fZld\ekf p cX I\jfclZ`Â?e eÂ&#x2019;d\if J:%@A%;A:GK<%H%((% ;FJ D@C EFM<:@<EKFJ EFM<EK8 P :@E:F [\c JI% @EK<E;<EK< ;< :FDG8zĂ 8J ;< HL@KF [\ '. [\ alc`f [\c )'((# YXaf \c eÂ&#x2019;d\if )**+ [\c I\^`jkif D\iZXek`c# Kfdf (+)%$ Hl\[X XiZ_`mX[X cX J<>LE;8 :FG@8 :\ik`]`ZX[X [\ cX GifkfZfc`qXZ`Â?e hl\ Zfek`\e\ cfj [fZld\ekfj i\]\i\e$ k\j Xc <JK89C<:@D@<EKF ;< C8 JL:LIJ8C <E <C <:L8;FI [\ cX :fdgXÂ&#x152;Â&#x2C6;X <okiXea\iX Ă&#x2C6;JF:@<;8; C@D@K8;8 =FIJ8><Ă&#x2030;2 p# cX ZXc`]`ZX$ Z`Â?e [\c GF;<I fkfi^X[f X kiXmÂ&#x201E;j [\c I\gi\j\ekXek\ C\^Xc# X ]Xmfi [\c JI% 8I@<C IF;I@>L<Q 9FC8zF# \]\ZklX[X \c *' [\ ale`f [\ )'((# Xek\ \c EfkXi`f M@>yJ@DF :L8IKF [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# ;I% J<98JK@Ă?E M8C;@M@<JF :L<M8%$ J\ [X XjÂ&#x2C6; Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8IKĂ :LCF J<>LE;F# c`k\iXc Y [\ cX Z`kX[X I<JFCL:@äE [\ Zfe]fid`[X[ X cf \jkXYc\Z`[f \e \c ;\Zi\kf .** [\ )) [\ X^fjkf [\ (0.,# glYc`ZX[f \e \c I\^`jkif F]`Z`Xc /./ [\ )0 [\ X^fjkf [\c d`jdf XÂ&#x152;f%$ J\ ]`aÂ? le \okiXZkf gXiX Zfej\imXicf gfi j\`j d\j\j# j\^Â&#x2019;e cf fi[\eX cX C\p# j`^eX[f Zfe \c eÂ&#x2019;d\if ()0-%$ J\ XefkÂ? \e \c I\g\ikfi`f YXaf \c eÂ&#x2019;d\if )0(((%$ Hl`kf# X ki\Z\ [\ alc`f [\c XÂ&#x152;f [fj d`c feZ\%$ <C I<>@JKI8;FI%$ ;I% I8èC >8P9FI J<:8@I8 I<>@JKI8;FI D<I:8EK@C ;<C :8EKäE HL@KF ;`jki`kf D\kifgfc`kXef [\ Hl`kf# (+ [\ alc`f [\ )'((% ;i% :Xd`cf MXc[`m`\jf :l\mX @EK<E;<EK< ;< :FDG8zĂ 8J ;< HL@KF 8I&/*.0.&ZZ

JLG<I@EK<E;<E:@8 ;< :FDG8zĂ 8J <OKI8:KF ;< CFJ ;F:LD<EKFJ <E 98J< 8 CFJ :L8C<J J< :FE:<;< <C G<ID@JF G8I8 FG<I8I <E <C <:L8;FI 8 C8 :FDG8zĂ 8 @E:FP;<J8$@E><EEP8# J%C% J\ Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ cX ZfdgXÂ&#x152;Â&#x2C6;X \okiXea\iX @E:FP;<J8$ @E><EEP8# J%C%# [\ eXZ`feXc`$ [X[ \jgXÂ&#x152;fcX# j\ [fd`Z`c`Â? \e cX I\gÂ&#x2019;Yc`ZX [\c <ZlX[fi# d\[`Xek\ gifkfZfc`qXZ`Â?e \]\ZklX[X \c )) [\ ale`f [\ )'((# Xek\ \c EfkXi`f

fhe\[i_edWb[i Z[ Z[h[Y^e o W dk[ijhei ef[hWZeh[i Z[ `kij_Y_W" fWhW YWcX_Wh bW c[djWb_ZWZ Z[ b_j_]Wdj[i W YedY_b_WZeh[i$ H;9EC;D:79?ED;I W ;i d[Y[iWh_e i[Â&#x2039;WbWh gk[ [b Wd|# b_i_i fhe\kdZe Z[ Z_Y^W i_jkW# Y_Â&#x152;d" [i Z[Y_h" [b [ijWZe WYjkWb Z[ bW <kdY_Â&#x152;d @kZ_Y_Wb" Z[ cWd[hW Yed`kdjW Yed bW h[Wb_ZWZ ieY_Wb" febÂ&#x2021;j_YW o [YedÂ&#x152;c_YW Z[b fWÂ&#x2021;i" Z[X[ i[hl_h Yece fkdje Z[ fWh# j_ZW o fkdjei [ijhkYjkhWb[i fWhW bW fhefei_Y_Â&#x152;d Z[ Wbj[hdWj_lWi l_WXb[i gk[ Z[d iebkY_Â&#x152;d W bei fheXb[cWi gk[ ^eo [d ZÂ&#x2021;W i[ [d\h[djW1 X ;i c[d[ij[h gk[ bW <kdY_Â&#x152;d @kZ_Y_Wb Yk[dj[ Yed bei h[Ykhiei Z_ifed_Xb[i fWhW kdW WZc_d_i# jhWY_Â&#x152;d Z[ `kij_Y_W" Yed\ehc[ be h[gk_[h[ [b fk[Xbe [YkWje# h_Wde" Wb ^WX[h WfheXWZe bW 9edij_jkY_Â&#x152;d Z[ bW H[fÂ&#x2018;Xb_YW" fkXb_YWZW [d [b H[]_ijhe E\_Y_Wb De$ **/ Z[b (& Z[ eYjkXh[ Z[ (&&." [ije [i fWhW gk[ Z[iWhhe# bb[ Yed [\[Yj_l_ZWZ" bei eX`[j_lei

fWhW bei YkWb[i ^W i_Ze Yh[WZW1 Y BW c[Z_WY_Â&#x152;d o ejhWi \ehcWi i_c_bWh[i [cfb[WZWi fWhW h[iebl[h [njhW`kZ_Y_Wbc[dj[ Y_[hje j_fe Z[ Yedjhel[hi_Wi" Yedij_jko[d kdW ^[hhWc_[djW ieY_Wb _cfehjWdj[ o WZ[YkWZW fWhW bei _dj[h[i[i Z[b fWÂ&#x2021;i" i_d [cXWh]e Z[ be YkWb" [i h[bWj_lW# c[dj[ dk[lW [d [b i_ij[cW b[]Wb [YkWjeh_Wde" feh be gk[ Wc[h_jW gk[ bW 7iWcXb[W DWY_edWb o [b ;`[Ykj_le Z[XWd jecWh [d Yk[d# jW Y_[hjei Yh_j[h_ei gk[ f[hc_jWd Wfb_YWh Z[ c[`eh cWd[hW [ijWi Wbj[hdWj_lWi o be]hWh kd \ec[d# je ieY_Wb ikijWdY_Wb [d [b Z[iW# hhebbe Z[ Â&#x192;ijWi1 Z 9ed bW \_dWb_ZWZ Z[ gk[ [b ;ijWZe [YkWjeh_Wde WbYWdY[ bei eX`[# j_lei gk[ \k[hed fbWdj[WZei Wb Z_YjWh bW B[o Z[ 7hX_jhW`[ o C[Z_WY_Â&#x152;d" [i _cfehjWdj[ jhWXW`Wh Z_h[YjWc[dj[ Yed bW feXbWY_Â&#x152;d" o c[`ehWh ik Ykb# jkhW `khÂ&#x2021;Z_YW" Z[ jWb ceZe gk[ bW <kdY_Â&#x152;d ;`[Ykj_lW Yed bW @kZ_Y_Wb" Z[X[d Z_i[Â&#x2039;Wh [ijhWj[# ]_Wi gk[ f[hc_jWd ZWh W YedeY[h

I_[cfh[ ikif_hWcei feh l_i_ed[i Z[ X[bb[pW" i_[cfh[ ieÂ&#x2039;Wcei ckdZei Z[iYedeY_Zei$ CĂ&#x203A;N?C =EHA? Gi`d\if [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% =l\ Xlkfi`qX[X gfi cX Jlg\i`ek\e[\eZ`X [\ :fdgXÂ&#x152;Â&#x2C6;Xj gXiX \jkXYc\Z\i leX jlZlijXc \e \c <ZlX[fi p fg\iXi \e \c gXÂ&#x2C6;j d\[`Xe$ k\ I\jfclZ`Â?e Ef% J:%@A%;A:GK<% H%((%*',, [\ (( [\ alc`f [\ )'(( p j\ cX `ejZi`Y`Â? \e \c I\^`jkif D\iZXek`c [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \c (+ [\ alc`f [\ )'((% (% EXZ`feXc`[X[1 <jgXÂ&#x152;fcX% )% ;fd`Z`c`f [\ cX JlZlijXc \e \c <ZlX[fi1 ;`jki`kf D\kifgfc`kXef [\ Hl`kf% *% 8Zk`m`[X[ [\ cX ZfdgXÂ&#x152;Â&#x2C6;X \okiXe$ a\iX1 X CX i\Xc`qXZ`Â?e [\ gifp\Zkfj kÂ&#x201E;Ze`Zfj# \jkl[`fj# Xj\jfiXd`\e$ kf# Xj`jk\eZ`X kÂ&#x201E;Ze`ZX# [`i\ZZ`Â?e p jlg\im`j`Â?e [\ fYiXj# kXekf [\ ZXi}Z$ k\i gÂ&#x2019;Yc`Zf Zfdf gi`mX[f%%%% +% :Xg`kXc 8j`^eX[f1 LJ; )%'''#'' [\ cfj <jkX[fj Le`[fj [\ 8dÂ&#x201E;i`ZX% ,% I\gi\j\ekXek\j \e \c <ZlX[fi1 G9G I<GI<J<EK8:@FE<J :@8% CK;8% p&f AXm`\i IfYXc`ef# cfj [fj [\ eXZ`feXc`[X[ \ZlXkfi`XeX# Zfe [fd`$ Z`c`f \e \c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% GF;<I ><E<I8C CX :fdgXÂ&#x152;Â&#x2C6;X @eZfp[\jX @e^\eepX# J%C%# \e X[\cXek\ ccXdX[X cX Ă&#x2C6;:fdgXÂ&#x152;Â&#x2C6;XĂ&#x2030;# i\gi\j\ekX[X gfi \c j\Â&#x152;fi A\jÂ&#x2019;j =Â&#x201E; @qXiiX \e jl ZXc`$ [X[ [\ :fej\a\if ;\c\^X[f# gfi d\[`f [\c gi\j\ek\ `ejkild\ekf [\j`^eX# Zfejk`klp\ p efdYiX X G9G I\gi\j\ekXZ`fe\j :fdgXÂ&#x152;Â&#x2C6;X Ck[X% p&f AXm`\i IfYXc`ef Fi\ccXeX Zfdf dXe[XkXi`fj [\ cX :fdgXÂ&#x152;Â&#x2C6;X X hl`\e\j Xlkfi`qX p ]XZlckX X i\Xc`qXi \e efdYi\ p i\gi\j\ekXZ`Â?e [\ cX Ă&#x2C6;:fdgXÂ&#x152;Â&#x2C6;XĂ&#x2030;# cf j`^l`\ek\1 ( I\Xc`qXi# X efdYi\ p \e i\gi\$ j\ekXZ`Â?e [\ cX ZfdgXÂ&#x152;Â&#x2C6;X# kf[fj cfj XZkfj p gifZ\[`d`\ekfj aliÂ&#x2C6;[`Zfj hl\ [\YXe Z\c\YiXij\ p jlik`i \]\Zkf [\e$ kif [\c k\ii`kfi`f [\c <ZlX[fi# p \jg\$ Z`Xcd\ek\ jljZi`Y`i ZfekiXkfj Zfe \c <jkX[f# i\gi\j\ekXi c\^Xc# al[`Z`Xc p \okiXal[`Z`Xcd\ek\ X cX :fdgXÂ&#x152;Â&#x2C6;X# X[\d}j [\ Zfek\jkXi [\dXe[Xj p Zldgc`i Zfe kf[Xj cXj fYc`^XZ`f$ e\j i\jg\Zk`mXj X \jk\ dXe[X[f# \e Y\e\]`Z`f [\ cfj `ek\i\j\j [\ cX :fdgXÂ&#x152;Â&#x2C6;X% <jk\ gf[\i j\ fkfi^X Zfe \c ]`e [\ hl\ cX dXe[XkXi`X ZfdgX$ i\qZX p i\gi\j\ek\ X cX :fdgXÂ&#x152;Â&#x2C6;X \e cfj e\^fZ`fj hl\ dXek\e^X \e <ZlX[fi# Xk\e[`\e[f cfj i\hl`j`kfj [\ cX C\p [\ :fdgXÂ&#x152;Â&#x2C6;Xj% ) :\c\YiXi ZfekiXkfj p \a\iZ\i kf[Xj cXj ]XZlckX[\j hl\ j\ fkfi^Xe X cfj gifZliX[fi\j [\ Zfe]fid`[X[ Zfe \c XikÂ&#x2C6;Zlcf ++ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c \e \c <ZlX[fi# `eZclp\e[f \eki\ fkiXj# cX ]XZlckX[ gXiX gi\j\ekXi p Zfek\jkXi [\dXe$ [Xj# gi\j\ekXi gil\YXj p fYa\kXicXj#

fgfe\ij\ X i\Zfem\eZ`fe\j# i\ZcX$ dfj# j\ek\eZ`Xj f X[al[`ZXZ`fe\j# Zfdgifd\k\i \c gc\`kf \e }iY`kifj# XYjfcm\i gfj`Z`fe\j p [\]\i`i Xc aliXd\ekf [\Z`jfi`f# i\Z`Y`i cX ZfjX jfYi\ cX ZlXc m\ijX \c c`k`^`f p kfdXi gfj\j`Â?e [\ \ccX i\Z`Y`i gX^fj p fkfi$ ^Xi i\Z`Yfj gfi \ccfj% <jkXj ]XZlckX[\j gl\[\e \a\iZ\icXj Xek\ ZlXchl`\i Zfik\# ki`YleXc f Xlkf$ i`[X[ X[d`e`jkiXk`mX% * Gi\j\ekXi# f]i\Z\i# jfc`Z`kXi# i\Zf$ efZ\i# \eki\^Xi# c\^Xc`qXi p fkfi^Xi Xek\ efkXi`f ZlXchl`\i jfc`Z`kl[# [fZld\ekf f `ejkild\ekf# p i\Xc`qXi ZlXchl`\i fkiX XZZ`Â?e c\^Â&#x2C6;k`dX hl\ j\X e\Z\jXi`X gXiX \c \jkXYc\Z`d`\e$ kf# i\^`jkif# Zi\XZ`Â?e p [fd`Z`c`XZ`Â?e [\ cX ZfdgXÂ&#x152;Â&#x2C6;X \e cX I\gÂ&#x2019;Yc`ZX [\c <ZlX[fi% + :\c\YiXi ZlXchl`\i k`gf [\ ZfekiX$ kf Zfe ZlXchl`\i `ejk`klZ`Â?e gÂ&#x2019;Yc`ZX f gi`mX[X p gXik`Z`gXi \e cfj gif$ Z\jfj [\ ZfekiXkXZ`Â?e gÂ&#x2019;Yc`ZX# c`Z`$ kXZ`fe\j f ZfeZlijfj [\ ZlXchl`\i Â&#x2C6;e[fc\% :fdf jl dXe[XkXi`X# \jk} ]XZlckX[X gXiX gi\j\ekXi ZlXchl`\i k`gf [\ `e]fidXZ`Â?e# jljZi`Y`i gc`\$ ^fj# ]fidlcXi`fj# ZfekiXkfj p [\d}j [fZld\ekfj i\cXZ`feX[fj p \e ^\e\$ iXc i\Xc`qXi ZlXchl`\i XZkf f ^\jk`Â?e i\cXZ`feX[X Zfe cfj gifZ\jfj [\ Zfe$ kiXkXZ`Â?e gÂ&#x2019;Yc`ZX% 8[\d}j# gf[i} i\gi\j\ekXi X cX ZfdgXÂ&#x152;Â&#x2C6;X Xek\ \c @E:FG gXiX cX fYk\eZ`Â?e [\c ILG f Xek\ ZlXchl`\i \ek`[X[ gÂ&#x2019;Yc`ZX Zfdf \c JI@# @<JJ# Jlg\i`ek\e[\eZ`X [\ :fdgXÂ&#x152;Â&#x2C6;Xj# \kZ% , Cfj dXe[XkXi`fj \jk}e Xlkfi`$ qX[fj X [\c\^Xi \jk\ gf[\i \e jl kfkXc`[X[ f \e gXik\ X leX f d}j g\ijfeXj% :lXe[f cfj dXe[XkXi`fj [\c\^Xi\e \jk\ gf[\i# j\ \ek\e[\i} hl\ j\ i\j\imXe cX Xlkfi`[X[ hl\ j\ c\j fkfi^X gXiX jl \a\iZ`Z`f ZlXe[f \ccfj cfj Zfej`[\i\e XZfej\aXYc\# j`e g\ial`Z`f [\ cX [\c\^XZ`Â?e# jXcmf ZlXe[f \ogi\jXd\ek\ `e[`hl\e hl\ ef j\ i\j\imXe [`Z_X ]XZlckX[% CX Xlj\eZ`X k\dgfiXc f [\]`e`k`mX [\ cfj dXe[XkXi`fj [\c gXÂ&#x2C6;j ef [Xi} gfi k\id`eX[X cX [\c\^XZ`Â?e [\c gf[\i hl\ _lY`\iXe fkfi^X[f cfj dXe[Xek\j [\ Zfe]fid`[X[ Zfe \jk\ `ejkild\ekf% <jk\ gf[\i gf[i} k\id`eXi gfi mfclekX[ [\c dXe[Xek\ f i\eleZ`X [\c dXe[XkXi`f p \e cfj [\d}j ZXjfj gi\m`jkfj \e cX c\p p [\ Zfe]fid`[X[ Zfe cf hl\ Â&#x201E;jkX [`jgfe\% 8LK<EK@:8:@äEÂż PF% CL@J ELE<Q EFK8I@F ;< D8;I@; ;FP =< hl\ cX gi\j\ek\ ]fkfZfg`X \j i\gif[lZZ`Â?e \oXZkX [\ jl fi`^`eXc hl\ _\ k\e`[f X cX m`jkX p [\ml\cmf Xc `ek\i\jX[f% DX[i`[# (0 [\ dXpf [\ )'((% <c gi\j\ek\ ]fc`f \j \c X^i\^X[f Xc

[fZld\ekf \e \c hl\ ]`^liX cX ]`idX [\ ;%&;Âą% Cl`j EÂ&#x2019;Â&#x152;\q 9fcl[X [\ ]\Z_X (0&',&)'(( 8gfjk`cc\ f c\^Xc`qXZ`Â?e Â&#x2019;e`ZX :fem\ek`fe [\ CX ?Xp\ [l , fZkf$ Yi\ (0-( (% GXÂ&#x2C6;j1 <jgXÂ&#x152;X <c gi\j\ek\ [fZld\ekf gÂ&#x2019;Yc`Zf )% ?X j`[f ]`idX[f gfi ;% Cl`j EÂ&#x2019;Â&#x152;\q 9fcl[X *% 8ZklXe[f \e ZXc`[X[ [\ EFK8I@F +% J\ _XccX j\ccX[f&k`dYiX[f Zfe \c [\ jl EfkXiÂ&#x2C6;X :<IK@=@:8;F ,% <e DX[i`[ -% <c (0 [\ DXpf [\ )'(( .% Gfi \c ;\ZXef [\c :fc\^`f EfkXi`Xc [\ DX[i`[ /% :fe \c eÂ&#x2019;d\if *./)0 0% J\ccf&k`dYi\ ('% =`idX ;fe =\ieXe[f GÂ&#x201E;i\q 8cZXc} [\c Fcdf =`idX [\c\^X[f [\c ;\ZXef ;I% AFI>< D8:?8;F :<M8CCFJ I8QFE1 D\[`Xek\ I\jfclZ`Â?e Ef% J:@A% ;A:GK<%H%((%*',,# [`ZkX[X gfi \c @ek\e[\ek\ [\ :fdgXÂ&#x152;Â&#x2C6;Xj [\ Hl`kf# \c (( [\ Alc`f [\ )'((2 j\ ZXc`]`ZX [\ jl]`Z`\ek\j cfj [fZld\ekfj fkfi$ ^X[fj \e \c \ok\i`fi p Xlkfi`qXi \c \jkXYc\Z`d`\ekf [\ cX jlZlijXc \e \c <ZlX[fi X cX ZfdgXÂ&#x152;Â&#x2C6;X \okiXe$ a\iX @E:FP;<J8 @E><EEP8# J%C% [\ eXZ`feXc`[X[ \jgXÂ&#x152;fcX2 ZfeZ\$ [\i \c g\id`jf gXiX fg\iXi \e \c gXÂ&#x2C6;j# p j\ ZXc`]`ZX [\ jl]`Z`\ek\ \c Gf[\i fkfi^X[f X kiXmÂ&#x201E;j [\c I\gi\j\ekXek\ C\^Xc# X ]Xmfi [\ G9G I<GI<J<EK8:@FE<J :@8% C K;8% p&f AXm`\i IfYXc`ef# [\ eXZ`feXc`[X[ \ZlXkfi`XeX%$ ;Xe[f Zldgc`d`\ekf X cf [`jgl\jkf \e [`Z_X i\jfclZ`Â?e \e jl 8ikÂ&#x2C6;Zlcf J\^le[f# kfdÂ&#x201E; efkX [\ \jk\ gXik`ZlcXi# Xc dXi^\e [\ cX gifkfZfc`qXZ`Â?e fkfi^X[X \e \jkX efkXiÂ&#x2C6;X# \c )) [\ ale`f [\ )'((%$ Hl`kf# () [\ Alc`f [\ )'(( ;i% Afi^\ DXZ_X[f :\mXccfj EfkXi`f Gi`d\if [\c :XekÂ?e Hl`kf I<>@JKIF D<I:8EK@C ;<C :8EKäE HL@KF QFE1 :fe \jkX ]\Z_X hl\[X `ejZi`kf \c gi\j\ek\ ;fZld\ekf p cX I\jfclZ`Â?e eÂ&#x2019;d\if J:%@A%;A:GK<%H%((% KI<J D@C :@E:L<EK8 P :@E:F [\c JI% @EK<E;<EK< ;< :FDG8zĂ 8J ;< HL@KF [\ (( [\ alc`f [\c )'((# YXaf \c eÂ&#x2019;d\if )*,- [\c I\^`jkif D\iZXek`c# Kfdf (+)%$ Hl\[X XiZ_`mX[X cX J<>LE;8 :FG@8 :\ik`]`ZX[X [\ cX GifkfZfc`qXZ`Â?e hl\ Zfek`\e\ cfj [fZld\ekfj i\]\$ i\ek\j Xc <JK89C<:@D@<EKF ;< C8 JL:LIJ8C <E <C <:L8;FI [\ cX :fdgXÂ&#x152;Â&#x2C6;X <okiXea\iX Ă&#x2C6;@E:FP;<J8$@E><EEP8# J%C%Ă&#x2030;2 p# cX ZXc`]`ZXZ`Â?e [\c GF;<I fkfi$ ^X[f X kiXmÂ&#x201E;j [\c I\gi\j\ekXek\ C\^Xc# X ]Xmfi [\ cX :fdgXÂ&#x152;Â&#x2C6;X Ă&#x2C6;G9G I<GI<J<EK8:@FE<J :@8% CK;8%Ă&#x2030;# \]\ZklX[X \c )) [\ ale`f [\ )'((# Xek\ \c EfkXi`f GI@D<IF [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# ;I% AFI>< D8:?8;F :<M8CCFJ%$ J\ [X XjÂ&#x2C6; Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8IKĂ :LCF J<>LE;F# c`k\iXc Y [\ cX Z`kX[X I<JFCL:@äE [\ Zfe]fid`$ [X[ X cf \jkXYc\Z`[f \e \c ;\Zi\kf .** [\ )) [\ X^fjkf [\ (0.,# glYc`$ ZX[f \e \c I\^`jkif F]`Z`Xc /./ [\

bWi l[djW`Wi o X[d[\_Y_ei gk[ i[ ][d[hWd Yed bW kj_b_pWY_Â&#x152;d Z[ [ij[ j_fe Z[ Wbj[hdWj_lWi [njhW# `kZ_Y_Wb[i" fWhW [bbe" i[ Z[X[ _cfb[c[djWh feh [`[cfbe YWc# fWÂ&#x2039;Wi fkXb_Y_jWh_Wi Z[ YWh|Yj[h cWi_le W d_l[b dWY_edWb" jWdje [d bei c[Z_ei [iYh_jei" Z[ hWZ_e o j[b[l_i_lei1 o" [ ;i d[Y[iWh_e gk[ bW 7iWcXb[W DWY_edWb Yed bW <kdY_Â&#x152;d ;`[Ykj_lW fbWdj[[d h[\ehcWi b[]Wb[i e _dYbkie kd dk[le cWhYe b[]Wb gk[ WXWhgk[ bW c[Z_WY_Â&#x152;d o [b WhX_jhW`[" [d XWi[ W Z_ij_djei fWh|c[jhei [cWdW# Zei Z[ bW h[Wb_ZWZ [YkWjeh_WdW" Z[ jWb ceZe gk[ i[ fed]W Yece h[gk_i_je _dZ_if[diWXb[ fh[l_W# c[dj[ WYY[Z[h W bei i[hl_Y_ei Z[ bW `kij_Y_W ehZ_dWh_W" [b WYkZ_h W bei c[Z_ei Wbj[hdWj_lei Z[ iebkY_Â&#x152;d Z[ Yed\b_Yjei" Yece oW ikY[Z[ [d ejhei fWÂ&#x2021;i[i Yece [d bW H[fÂ&#x2018;Xb_YW Z[ 9ebecX_W$

.2_ĹŠ 1!~ ĹŠ +!.-~ ĹŠ ĹŠ ĹŠ

ĹŠ ĹŠ ĹŠ

)0 [\ X^fjkf [\c d`jdf XÂ&#x152;f%$ J\ ]`aÂ? le \okiXZkf gXiX Zfej\imXicf gfi j\`j d\j\j# j\^Â&#x2019;e cf fi[\eX cX C\p# j`^eX[f Zfe \c eÂ&#x2019;d\if (*'-%$ J\ XefkÂ? \e \c I\g\ikfi`f YXaf \c eÂ&#x2019;d\if )0,)+%$ Hl`kf# X ZXkfiZ\ [\ alc`f [\c XÂ&#x152;f [fj d`c feZ\%$ <C I<>@JKI8;FI%$ ;I% I8èC >8P9FI J<:8@I8 I<>@JKI8;FI D<I:8EK@C ;<C :8EKäE HL@KF ;`jki`kf D\kifgfc`kXef [\ Hl`kf# (, [\ alc`f [\ )'(( ;i% :Xd`cf MXc[`m`\jf :l\mX @EK<E;<EK< ;< :FDG8zĂ 8J ;< HL@KF 8I&/*.0/&ZZ

;@MFI:@FJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 G<;IF G89CF KL>LC@E8>F G@C8K8O@# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 D8I@8 :8ID<C8 =L<I<J :898J:8E>F 8:KFI81 D8I@8 :8ID<C8 =L<I<J :898J:8E>F ;<D8E;8;F1 G<;IF G89CF KL>LC@E8>F G@C8K8O@ KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F AL@:@F Ef% '-()$)'(( DJ :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% ),'- 8Y% <ei`hl\ >Xm`cXe\j >Xm`c}e GIFM@;<E:@8J ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (* [\ ale`f [\c )'((# cXj (+_*/%$ M@JKFJ% 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`$ kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X [\ Zfe]fid`[X[ Zfe \c aliXd\ekf i\e[`[f p cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi G<;IF G89CF KL>LC@E8>F G@C8K8O@# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf# p \e cX Z`l[X[ [\ @YXiiX# ZXg`kXc [\ cX Gifm`eZ`X [\ @dYXYliX# cl^Xi [fe[\ j\ i\Xc`qÂ? \c dXki`dfe`f2 d\[`Xe[f fZ_f [Â&#x2C6;Xj Xc d\efj \eki\ leX p fkiX glYc`ZXZ`Â?e Zfe]fid\ cf gi\mÂ&#x201E; \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f% :Â&#x2C6;k\j\ p efk`]Â&#x2C6;hl\j\%$] ;iX% DÂ?e`ZX =cfi GXqd`Â&#x152;f# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`ccX al[`$ Z`Xc# \e cX Z`l[X[ [\ Hl`kf$<ZlX[fi# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'.00&k]

I% ;<C <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C G8I81 8E8 M@:<EK8 I<P<J J@E8@C@E AL@:@F1 -,,$)'(($C%:?$ ;@MFI:@F 8:KFI1 =I8E:@J:F 8ID8E;F KL9äE ;<D8E;8;81 8E8 M@:<EK8 I<P<J J@E8@C@E F9A<KF%$ :fe \c ]le[Xd\ekf \e \c 8ik% (('# eld\iXc ((# `eZ`jf j\^le[f [\c :Â?[`^f :`m`c# [\dXe[X j\ [\ZcXi\ [`jl\ckf \c mÂ&#x2C6;eZlcf dXki`dfe`Xc hl\ c\j le\% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI1 ;i% AfjÂ&#x201E; If^\c`f DXc[feX[f% DXk% Gif]% **++ :8G% GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j )( [\ ale`f [\c )'((# cXj (+_*+%$ M@JKFJ%$ 8^iÂ&#x201E;^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fcX gifZ\$ [\ek\ j\ cX X[d`k\ X ki}d`k\ M\iYXc JldXi`f%$<e Zfej\Zl\eZ`X# \e d\i`$ kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cX [\dXe[X[X# ZÂ&#x2C6;k\j\ X cX [\dXe[X[X j\Â&#x152;fiX 8eX M`Z\ekX I\p\j J`eX`c`e gfi cX gi\ejX d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p \e cX ]fidX [\k\id`eX[X gfi \c 8ik% ((0 [\c :Â?[`^f :`m`c %$ %$ :fe cX `ej`elXZ`Â?e _\Z_X gXiX \c ZXi^f [\ :liX[fiX 8[$C`k\d \e cX g\ijfeX [\c j\Â&#x152;fi AX`d\ =iXeZ`jZf >XeXe ;Â&#x2C6;Xq# gXiX hl\ c\ i\gi\j\ek\ \e \jkX ZXljX Xc d\efi @jdX\c AfjlÂ&#x201E; KlYÂ?e I\p\j# Â?`^Xj\ X lef [\ cfj j\Â&#x152;fi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X%$ Gi\m`Xd\ek\ \c d\efi Xek\j d\eZ`f$ eX[X gfi kiXkXij\ [\ d\efi X[lckX# [\Y\ dXe`]\jkXi jl Zfe]fid`[X[ Zfe cX g\ijfeX `ej`elX[X gXiX \c ZXi^f [\ ZliX[fi# ZXjf ZfekiXi`f \c XZkfi [\Y\i} `e[`ZXi cX [`i\ZZ`Â?e [fe[\ efk`]`ZXic\ X ]`e [\ hl\ j\ gifeleZ`\%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX%$KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# XjÂ&#x2C6; Zfdf cX Xlkf$ i`qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ ]`id\ cfj \jZi`kfj e\Z\jX$ i`fj %$:Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`$ Z`Xc gXiX jlj ]`e\j% :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&/'/('&k]

<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 8 D8I:F M@E@:@F JLII@8>8 :C<IHL< 8:KFI1 M<I:@8 D8I@8 <JG@EFQ8 ;<D8E;8;F1 D8I:F M@E@:@F

JLII@8>8 :C<IHL< AL@:@F1 )'('$'0..$:J KI8D@K<1 M<I98C JLD8I@F ;@MFI:@F :L8EK@81 @E;<K<ID@E8;8 =LE;8D<EKFJ ;< ;<I<:?F1 <E CF ;@JGL<JKF <E <C 8IK@:LCF ((' ;<C :F;@>F :@M@C ELD<I8C K<I:<IF% 8JLEKF1 ;@JFCL:@FE M@E:LCF D8KI@DFE@8C D8KI@DFE@F :<C<9I8;F <E @98II8# GIFM@E:@8 ;< @D989LI8# F:?F ;< D8PF ;< D@C EFM<:@<EKFJ F:?<EK8 P J@<K< # ?8E GIF:I<8;F KI<J ?@AFJ <;@JFE M@E@:@F JL8II@8>8 <JG@EFQ8 D8PFI ;< <;8; # FJ:8I <;L8I;F P P<JJ<E@8 <C@Q89<K? JLII@8>8 <JG@EFQ8 D<EFI<J ;< <;8; # EF ?8E 8;HL@I@;F 9@<E<J ;<=<EJFI ;<C 8:KFI1 ;I% <;DLE;F M8:8 @E@:@8;F1 )' ;< ALC@F ;<C )'('% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )) [\ Alc`f [\c )'('2 cXj (,_+.%$ M@JKFJ1 CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX# j\^Â&#x2019;e ZfejkX [\ cX iXqÂ?e [\ jfik\fj hl\ Xek\Z\[\# gfi cf hl\ XmfZf ZfefZ`$ d`\ekf [\ cX d`jdX% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`$ kfj [\ C\p% ;\ZcXiXj\ gifZ\[\ek\ \c kiXd`k\ m\iYXc jldXi`f% <e Zfe$ j\Zl\eZ`X# Zfe cX [\dXe[X p gif$ m`[\eZ`X i\ZXÂ&#x2C6;[X \e \ccX# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi D8I:F M@E@:@F JLII@8>8 :C<IHL< \e \c [fd`$ Z`c`f j\Â&#x152;XcX[f gXiX \c \]\Zkf2 gXiX cf ZlXc cX XZkfiX gifgfiZ`fe\ cXj Zfg`Xj X ]`e [\ \cXYfiXi cXj Yfc\kXj i\jg\Zk`mXj%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e i\Xc`qX[X gfi cfj d\ef$ i\j X[lckfj% 8ZkÂ&#x2019;\ \c j\Â&#x152;fi ;i% Cl`j Ife M`ccXm`Z\eZ`f p ;i% AX`d\ Kfii\j :Xii\iX# \e ZXc`[X[ [\ J\Zi\kXi`f p F]`Z`Xc DXpfi \e ZXi^X[f i\jg\Z$ k`mXd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c :feZ\af EXZ`feXc [\ cX Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef% ))-$'.$:I?$:EA$<J% Ă&#x2020; ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '. [\ Ale`f [\c )'((# cXj '0_)/%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf p \e cX Z`l[X[ [\ @YXiiX# Xc [\dXe[X[f j\Â&#x152;fi D8I:F M@E@:@F JLII@8>8 :C<IHL<2 [`Z_X Z`kX$ Z`Â?e j\ i\Xc`qXi} Zfe]fid\ \c 8ik% ((0 [\c :Â?[`^f :`m`c# d\[`Xe[f fZ_f [Â&#x2C6;Xj _}Y`c\j \eki\ leX p fkiX glYc`$ ZXZ`Â?e%$ EFK@=@HL<J<%$ ;iX% DXiÂ&#x2C6;X D\iZ\[\j Gfik`ccX Al\q%

Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^X$ Z`Â?e [\ j\Â&#x152;XcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX%$ ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < ?Xp ]`idX p j\ccf 8:&/'.0(&k]

ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8c j\Â&#x152;fi ALC@F 8;FC=F C<çE D8IKĂŁE<Q# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF% 8ZkfiX1 >CFI@8 D8I@E8 :<M8CCFJ @C<I ;\dXe[X[X 1 ALC@F 8;FC=F C<çE D8IKĂŁE<Q 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`$ e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcX$ iXi \c [`mfiZ`f p [`jl\ckf \c mÂ&#x2C6;eZlcf dXki`dfe`Xc hl\ d\ le\ Xc [\dXe$ [X[f \e dXki`dfe`f Z\c\YiX[f \e Hl`kf# (. [\ ale`f [\ (00/% :lXekÂ&#x2C6;X1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 (0 [\ dXpf [\c )'(( :XljX [\ ;`mfiZ`f Ef% -,0$)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ G I FM @ ; < E : @ 8 1 A L Q> 8 ; F M@>Ă&#x;J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j . [\ ale`f [\c )'((# (+_'*$ M@JKFJ1 M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`Â?e [\ g\i$ jfeXc Ef% )-/) ;G$;GG [\ . [\ [`Z`\dYi\ [\c )'(' p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfd$ gc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ĂŁK<J< Xc [\dXe[X[f ALC@F 8;FC=F C<çE D8IKĂŁE<Q gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% +0(+ j\Â&#x152;XcX[f gfi cX g\k`Z`feXi`X gXiX i\Z`Y`i ]lkl$ iXj efk`]`ZXZ`fe\j# XjÂ&#x2C6; Zfdf kXdY`Â&#x201E;e cX Xlkfi`qXZ`Â?e hl\ c\j Zfe]`\i\ Xc ;I% J8DL<C M<>8 J8EK@CCĂ E gXiX hl\ cX i\gi\j\ek\ \e \jkX ZXljX%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ :èDGC8J<

p EFK@=Ă HL<J<%$] ;i% =\c`g\ @e]Xek\ I\p % Al\q \eZXi^X[f% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e^f [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ 89>% AFI>< D@<I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'.0+

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 IFJ8 @J89<C D<ICF CFG<Q <OKI8:KF 8:KFI81 :8ICFJ FCD<;F M@J:8@EF ;<D8E;8;F1 IFJ8 @J89<C D<ICF CFG<Q AL@:@F ;< ;@MFI:@F Ef% -)/$ )'((%8: :FE =LE;8D<EKF <E <C 8IK% (('# ELD<I8C ((# @E:@JF J<>LE;F ;<C :F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8% ;<=<EJFI1 ;I8% M@:KFI@8 :L8JHL<I :8J@CC8 AL;@:@8C Ef **.) =<:?8 ;< @E@:@F1 (. ;< D8PF ;<C )'(( ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j / [\ ale`f [\c )'((# cXj (,_(0%$ M@JKFJ1 CX [\dXe[X [\ ;`mfiZ`f gcXek\X[X gfi cX ;iX% Qf`cX M`Zkfi`X :lXjhl\i >lXdX \e ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc p DXe[XkXi`X [\c j\Â&#x152;fi :8ICFJ FCD<;F M@Q:8Ă EF 8IK<8>8 \e ZfekiX [\ IFJ8 @J89<C D<ICF CFG<Q i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j# \e Zfej\Zl\eZ`X j\ cf X[d`k\ Xc kiXd`k\ Zfii\jgfe$ [`\ek\# gfi cX mÂ&#x2C6;X m\iYXc jldXi`X% 8k\ekf \c aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ gfi cX gi\ejX X cX j\Â&#x152;fiX IFJ8 @J89<C D<ICF CFG<Q# \e lef [\ cfj [`Xi`fj cfZXc\j [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[% <ekiÂ&#x201E;^l\j\ Xc XZZ`feXek\ \c \okiXZ$ kf hl\ Zfii\jgfe[X% 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc hl\ j\Â&#x152;XcX cX gXik\ XZkfiX p cX Xlkfi`qXZ`Â?e fkfi^X[X X jl 8Yf^X[f [\]\ejfi%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j . [\ alc`f [\c )'((# cXj ((_,+%$ 8k\ekf cf jfc`Z`kX[f j\ XZcXiX \c Xlkf Xek\i`fi \e \c j\ek`[f [\ hl\ \c efdYi\ [\c XZkfi \j :8ICFJ FCD<;F M@J:8Ă EF 8IK<8>8 Zfe]fid\ ZfejkX [\ cX [\dXe[X p \c aliXd\e$

IÂ&#x152;be W bei ck[hjei dei Wjh[l[cei W Z[Y_h bW l[hZWZ" fehgk[ iWX[cei gk[ oW bW YedeY[d c[`eh gk[ deiejhei$ C7KH?9; C7;J;HB?D9A

ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 kf# hl`\e ZfdgXi\Z\ gfi d\[`f [\ jl GifZliX[fiX Al[`Z`Xc p DXe[XkXi`X ;iX% Qf`cX M`Zkfi`X :lXjhl\i >lXdX%$ EFK@=@HL<J<%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'/'(&k]

I<GL9C@:8 ;<C <:L8;FI nnn%]leZ`feal[`Z`Xc$g`Z_`e$ Z_X%^fY%\Z :@K8:@FE 8 G8:?<:F G8C8:@FJ =<IE8E;8 ;< CFLI;<J 8:KFI%$ <;@JFE IFC8E;F M@EL<Q8 :8JK@CCF Al`Z`f Ef1 (.*',$)'(($'--0$CJ I\jg1 ;I% C<FE8I;F J8E:?<Q EF <O@JK<E D<EFI<J E@ 9@<E<J @EDL<9C<J Al`Z`f M\iYXc JldXi`f ;@MFI:@F Ef% @E@:@8;F <C ), ;< D8PF ;<C )'(( ;<=<EJFI1 ;I8% DF@:8 KILA@CCF GIFM@;<E:@8%$ ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ ale`f [\c )'((# cXj (-_(,%$ M@JKFJ% Ă&#x2020;Gfi Zldgc`[f cf [`jgl\jkf \e gifm`[\eZ`X `e`Z`Xc p \e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p% KiXdÂ&#x2C6;k\j\ \e al`Z`f m\iYXc jldXi`f% :fe cX [\dXe[X p gifm`[\eZ`X i\ZXÂ&#x2C6;$ [X# ZÂ&#x2C6;k\j\ X cX [\dXe[X[X j\Â&#x152;fiX JI8% =<IE8E;8 ;< CFLI;<J G8:?<:F G8C8:@FJ# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [Â&#x2C6;Xj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`Â?e \e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f p [\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX[fi X[$ c`k\d p \c :Xj`cc\if Al[`Z`Xc j\Â&#x152;XcX[f% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\e$ kfj XZfdgXÂ&#x152;X[fj% $ Efk`]Â&#x2C6;hl\j\%

CONVOCATORIA

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

A JUNTA GENERAL EXTRAORDINARIA DE SOCIOS DE ABEGE CONSTRUCTORA CIA. LTDA.

EXTRACTO

Se convoca a los seùores socios de ABEGE CONSTRUCTORA CIA. LTDA. a la Junta General de Socios de dicha compaùía, que tendrå lugar el día 1ro de agosto de 2011, a las 11h00, en la Oficina 201-B, ubicada en el 2do Piso de la edificación signada con el No.5160 de la Av. Amazonas e Isla Floreana, de esta ciudad de Quito, para tratar y resolver sobre el siguiente orden del día: 1.- Conocimiento y aprobación del balance final de liquidación; 2.- Conocimiento y aprobación del informe del liquidador; y, 3.- Conocimiento y aprobación del cuadro de reparto del remanente del haber o acervo social.

El balance final, informe y cuadro de reparto del remanente se encuentran a disposiciĂłn de los seĂąores socios en la direcciĂłn en la cual se reunirĂĄ la junta.

Se convoca especialmente e individualmente al seùor Comisario de la compaùía, seùor Luis Alfonso Salas Salazar.

CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A RUIZ & NOBOA REPRESENTACIONES CIA. LTDA. La compaùía RUIZ & NOBOA REPRESENTACIONES CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 22 de junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ. DJC.Q.11.003171 de 19 de Julio de 2011.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: A) FABRICACIĂ&#x201C;N, INDUSTRIALIZACIĂ&#x201C;N, LA COMPRAVENTA, COMERCIALIZACIĂ&#x201C;N, DISTRIBUCIĂ&#x201C;N, REPRESENTACIĂ&#x201C;N, IMPORTACIĂ&#x201C;N, EXPORTACIĂ&#x201C;N Y PROMOCIĂ&#x201C;N, AL POR MAYOR Y/ O MENOR, POR CUENTA PROPIA; O DE TERCEROS, YA SEA MEDIANTE REPRESENTACIONES, MANDATOS, COMISIONES, CONSIGNACIONES, LICENCIAS DE USO O FRANQUICIAS DE TODA CLASE DE AUTOMOTORES Y VEHĂ?CULOS,...

Quito, 15 de julio de 2011.

Quito, 19 de Julio de 2011.

Ing. Edgar Ignacio Granda P. LIQUIDADOR ABEGE CONSTRUCTORA CIA. LTDA. A.P./49870/k.m.

GFIK@CC8% AL<Q8 Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`$ Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < 8%:%&/')0'

] %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8# AL<Q8 HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% ;I% CL@J IFE M@CC8M@:<E:@F J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&/'/'+&k]

<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 <C J<zFI AL8E :8ICFJ DLzFQ >8@9FI 8:KFI%$ ;I% =89@8E LCG@8EF G<I<Q KI8M<Q GIF:LI8;FI AL;@:@8C ;< C8 J<zFI8 :8ID<E :<:@C@8 M@Q:8Ă EF >8CC<>FJ ;<D8E;8;F%$ J<zFI AL8E :8ICFJ DLzFQ >8@9FI AL@:@F1 Ef% )'(($ '-,' J%K% KI8D@K<%$ M<I98C JLD8I@F :L8EKĂ 8% @e[\k\id`eX[X% =LE;8D<EKFJ1 <e cf [`jgl\jkf \e \c `eZ`jf j\^le[f [\ cX ZXljXc [Â&#x201E;Z`dX gi`d\iX [\c 8ik% ((' [\c :Â?[`^f :`m`c 8JLEKF%$ ;`mfiZ`f DXki`dfe`f Z\c\YiX[f \e Hl`kf% Gifm`eZ`X [\ G`Z_`eZ_X# \c (* [\ Ale`f [\ (00-# ef _Xe X[hl`i`[f Y`\e\j p _Xe gifZi\X[f leX _`aX hl\ i\jgfe[\ X cfj efdYi\j [\1 8e[i\X :Xk_\i`e\ DlÂ&#x152;fq M`qZXÂ&#x2C6;ef hl`\e \e cX XZklXc`[X[ \j d\efi [\ \[X[ ;<=<EJFI ;< C8 8:KFI81 ;i% =XY`}e GÂ&#x201E;i\q KiXm\q @e`Z`X[f \c (0 [\ DXpf [\c )'(( GIFM@;<E:@81 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf# d`Â&#x201E;i$ Zfc\j '/ [\ Ale`f [\c )'((# cXj (,_+.%Ă&#x2020; M@JKFJ1Ă&#x2020; Gfi Zldgc`[f cf [`jgl\jkf \e gifm`[\eZ`X `e`Z`Xc p \e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# [Â&#x201E;j\ \c ki}d`k\ M\iYXc JldXi`f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ \c [\dXe[X[f# j\Â&#x152;fi JI% AL8E :8ICFJ DLzFQ >8@9FI# gfi cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX gi\m`jkX gfi \c 8ik% ((0 \c :Â?[`^f :`m`c%$ 8c \]\Zkf# Zfe]`Â&#x201E;iXj\ \c \okiXZ$ kf i\jg\Zk`mf% KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX[fi X[$c`k\d# _\Z_X \e cX [\dXe[X%$ 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ \c ;i% =XY`}e Lcg`Xef GÂ&#x201E;i\q KiXm\q Zfe]fid\ cf XZi\[`kX \c [fZld\ekf X[alekf p \c [fd`Z`c`f al[`Z`Xc j\Â&#x152;XcX[f%$ Efk`]Â&#x2C6;hl\j\%$ %$] %$ ;I8% D8I@8 D<I:<;<J

:@K8:@äE AL;@:@8C 8 A<EE@=<I 8C<O8E;I8 :?@>L8EF CFQ8;8 <OKI8:KF 8:KFI1 ;i% IXÂ&#x2019;c IX]X\c DXek`ccX CXjjf GifZliX[fi Al[`Z`Xc [\ AX`d\ ;Xin`e 8cmXiX[f >Xcc\^fj ;<D8E;8;81 A < E E @ = < I 8C<O8E;I8 :?@>L8EF CFQ8;8 AL@:@F1 ;@MFI:@F Ef% )(-$)'('$ @>D KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F1 :Xj`cc\if al[`Z`Xc Ef% (+-0 [\c ;i% IXÂ&#x2019;c DXek`ccX C% F9A<KF1 FYk\e\i \c ;`mfiZ`f GIFM@;<E:@8 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (+ [\ XYi`c [\c )'((# cXj (,_'*%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p Zfdgc\kX# gfi i\le`i cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ m\iYXc jldXi`f% <e cf gi`eZ`gXc# :Â&#x2C6;k\j\ X cX [\dXe$ [X[X A<EE@=<I 8C<O8E;I8 :?@>L8EF CFQ8;8 #Zfe le \okiXZ$ kf [\ cX [\dXe[X p \jkX gifm`[\eZ`X# X kiXmÂ&#x201E;j [\ cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX gi\m`jkX \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf Xk\ekf \c aliXd\ekf i\e[`[f gfi \c GifZliX[fi Al[`Z`Xc% KÂ?d\j\ \e Zl\ekX cX `ej`elXZ`Â?e _\Z_X gXiX \c efdYiXd`\ekf [\ :liX[fi 8[$c`k\d% 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cfj [fZld\e$ kfj X[alekfj% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\Â&#x152;XcX \c XZkfi p ZXc`[X[ Zfe cX hl\ ZfdgXi\Z\% :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< : F D L E @ : F G I <M @ E @ < E ; F C < ;< C 8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I ;FD@:@C@F AL;@:@8C ;<EKIF ;<C G<IĂ D<KIF C<>8C ;< <JK8 :@L;8; ;< HL@KF G8I8 GFJK<I@FI<J EFK@=@:8:@FE<J% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/',-/&k]

C8 I ;<C < ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 AFJ< 8;8E IF9C<J 8:KFI1 FC>8 =89@FC8 :8II8J:F M@EL<Q8 ;<D8E;8;F1 AFJ< 8;8E IF9C<J AL@:@F1 ;@MFI:@F Ef% -*-$)'(($ F<I :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ). [\ ale`f [\c )'((# cXj '/_*+%$ M@JKFJ1 LeX m\q hl\ cX

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A AGENCIA DE VIAJES Y OPERADORA TURISTICA TOMAS EDISON TRAVEL & TOUR CIA. LTDA.

AR/83804/cc

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ?

XZZ`feXek\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e Xlkf `e`Z`Xc j\ ZXc`]`$ ZX X cX [\dXe[X# [\ ZcXiX# gi\Z`jX# Zfdgc\kX p hl\ i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj hl\ \o`^\ cX C\p%$ ;\j\ \c ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi cX XZZ`feXe$ k\ p [\ Zfe]fid`[X[ Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ Xc [\dXe[X[f AFJ< 8;8E IF9C<J gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ 8^iÂ&#x201E;^l\ej\ cfj [fZld\ekf hl\ j\ XZfdgXÂ&#x152;Xe%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX Xlkfi`qXZ`Â?e Zfe]\i`[X Xc 8Yf^X[f GXkifZ`eX[fi p \c ZXj`cc\if al[`Z`Xc gXiX jlj efk`$ ]`ZXZ`fe\j%$ Efk`]Â&#x2C6;hl\j\% ] ;i% @m}e :\mXccfj QXdYiXef Ă&#x2020; Al\q% Cf hl\ Zfdle`Zf p :@KF gXiX cfj i\j$ g\Zk`mfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`f$ e\j%$ :\ik`]`Zf% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ALQ>8;F M@>yJ@DF HL@EKF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/',-*&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 D8LI@:@F FIC8E;F <EI@HL<Q M<>8# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 <DD8 :<:@C@8 K<E<C<D8 K8:F 8:KFI81 <DD8 :<:@C@8 K<E<C<D8 K8:F ; < D 8 E ;8 ; F 1 D 8 L I @ : @ F FIC8E;F <EI@HL<Q M<>8 KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F AL@:@F Ef% '.()$)'(( DJ :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% ).- ;i% <[dle[f MXZX 9lie\f GIFM@;<E:@8J ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# d`Â&#x201E;iZfc\j )) [\ ale`f [\c )'((# cXj (-_'0%$ M@JKFJ% 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`$ kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X [\ Zfe]fid`[X[ Zfe \c aliXd\e$ kf i\e[`[f p cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi D8LI@:@F FIC8E;F <EI@HL<Q M<>8# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf# cl^Xi [fe[\ j\ i\Xc`qÂ? \c dXki`dfe`f2 d\[`Xe$ [f fZ_f [Â&#x2C6;Xj Xc d\efj \eki\ leX p fkiX glYc`ZXZ`Â?e Zfe]fid\ cf gi\mÂ&#x201E; \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ :fe cX `ej`elXZ`Â?e _\Z_X [\ ZliX[fi X[$ c`k\d# Â?`^Xj\ X lef [\ cfj j\Â&#x152;fi\j 8^\ek\j =`jZXc\j [\ Hl`kf%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;X$ cX[f% :Â&#x2C6;k\j\ p efk`]Â&#x2C6;hl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`Â&#x152;f# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`$ ^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf$<ZlX[fi# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/',-.&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

La compaùía AGENCIA DE VIAJES Y OPERADORA TURISTICA TOMAS EDISON TRAVEL & TOUR CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario TrigÊsimo del Distrito Metropolitano de Quito, el 28 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.003140 de 18 de Julio de 2011.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: EL TURISMO, Y, TODO LO QUE TENGA RELACIĂ&#x201C;N DE MANERA DIRECTA, Y/O INDIRECTA CON; UNO.- VENTA E INTERMEDIACIĂ&#x201C;N DE PAQUETES, PASAJES Y SERVICIOS TURĂ?STICOS...

Quito, 18 de julio de 2011.

Dr. RomĂĄn Barros FarfĂĄn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS SUBROGANTE

Dr. RomĂĄn Barros FarfĂĄn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS SUBROGANTE AR/83802/cc

:@K8:@äE AL;@:@8C 81 E8IMĂ?<Q IL@Q D@>L<C 8IKLIF <OKI8:KF 8:KFI81 G8>L8P GFQF D8I@8 M@I>@E@8 ;<D8E;8;F1 E8IMĂ?<Q IL@Q D@>L<C 8IKLIF AL@:@F ;< ;@MFI:@F Ef% ,(/$ )'((%;: :FE =LE;8D<EKF <E <C 8IK% (('# :8LJ8C FE:< ;<C :F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8% ;<=<EJFI1 ; I% :8 I CF :8II8EQ8 :8J@CC8 AL;@:@8C Ef *'-( =<:?8 ;< @E@:@F1 )( ;< 89I@C )'(( ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (- [\ dXpf [\c )'((# cXj '/_,-%$ M@JKFJ1$ 8^iÂ&#x2026;^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\ p gXik`[Xj [\ eXZ`d`\ekf X[alekXj%$ <e cf gi`eZ`gXc# cX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ ]fidX gi\m`jkfj gfi cX C\p% <e Zfej\Zl\eZ`X# j\ [X \c ki}d`k\ m\iYXc jldXi`f# gXiX cf ZlXc ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi D@>L<C 8IKLIF E8IM8<Q IL@Q# gXiX cfj ]`e\j c\^Xc\j%$ 8k\ekf \c aliXd\e$ kf hl\ k`\e\ i\e[`[f cX XZkfiX# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â&#x17D;[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2030;k\j\ Xc [\dXe[X[f gfi cX

Ä&#x192;

gi\ejX# \jkf \j \e lef [\ cfj g\i`Â&#x17D;[`Zfj [\ dXpfi Z`iZlcXZ`Â&#x17D;e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# cl^Xi [\c al`Z`f2 p% XjÂ&#x2030; Zfdf \e cX gifm`eZ`X [\c :XiZ_`# cl^Xi [\c dXki`dfe`f# [\Y`\e[f d\[`Xi \eki\ leX p fkiX glYc`ZXZ`Â&#x17D;e gfi cf d\efj fZ_f [Â&#x2030;Xj _~Y`c\j%$ KÂ&#x17D;d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;X$ cX[f%$ Efk`]Â&#x2C6;hl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:/',++&k]

ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 DĂ?O@DF IF><C@F M@z8D8>L8 :L<E:8 AL@:@F1 ;@MFI:@F Ef% +./$)'(($8%G%E% 8:KFI81 D8I@8 D<I:<;<J 9FIA8 GLCLG8 ;<D8E;8;F1 DĂ?O@DF IF><C@F M@z8D8>L8 :L<E:8 KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 ;@JFCL:@äE ;<C MĂ E:LCF D8KI@DFE@8C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )* [\ dXpf [\c )'((# cXj '0_).% M@JKFJ1 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf gi\$ j\ekX[f%$ <e m`ikl[ [\c jfik\f i\Xc`$ qX[f# p \e d` Zfe[`Z`Â?e [\ Al\q [\ \jkX Al[`ZXkliX% XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X j\ XZ\gkX X ki}d`k\ M\iYXc JldXi`f% <e Zfej\Zl\eZ`X# \e dÂ&#x201E;i`$ kf [\ aliXd\ekf i\e[`[f :@K<J< Xc [\dXe[X[f j\Â&#x152;fi DĂ?O@DF IF><C@F M@z8D8>L8 :L<E:8# gfi cX gi\ejX d\[`Xek\ ki\j glYc`$ ZXZ`fe\j# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% 8k\ekf X cX `ej`elXZ`Â?e [\c :liX[fi 8[$C`k\d# ZlÂ&#x201E;ek\j\ Zfe cX fg`e`Â?e [\c j\Â&#x152;fi =`jZXc ;`jki`kXc [\ G`Z_`eZ_X% KÂ&#x201E;e^Xj\ \e Zl\e$ kX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi cX XZkfiX p cX ]XZlc$ kX[ ZfeZ\[`[X X jl XYf^X[f [\]\e$ jfi# ;i% :Xicfj Gl\kXk\%$ :@K<J< P EFK@=@HL<J<% ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% = ;i% AfjÂ&#x201E; DXikÂ&#x2C6;e\q EXiXeaf% AL<Q CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< :@KF GI<M@E@yE;FC< ;< C8 F9C@>8:@äE ;< J<z8C8I :8J@CC<IF AL;@:@8C G8I8 GFJK<I@FI<J EFK@=@:8:@FE<J% ;I% <;>8I ?8IF M8C<EQL<C8 J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% ?Xp ]`idX p j\ccf 8:&/',0'&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 D@zF D@zF >FEQ8CF 8C=FEJF <OKI8:KF 8:KFI81 :8I;<E8J D<A@8 AFJ<=8 D8I@8 ;<D8E;8;F1 D@zF D@zF >FEQ8CF 8C=FEJF AL@:@F ;< ;@MFI:@F Ef% --*$)'((% 8: :FE =LE;8D<EKF <E <C 8IK% (('# :8LJ8C ((# ;<C :F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8% ;<=<EJFI1 89% N8J?@E>KFE D8E>@8 :8IM8A8C :8J@CC8 AL;@:@8C Ef ()+' =<:?8 ;< @E@:@F1 ), ;< D8PF )'(( ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )* [\ ale`f [\c )'((# cXj ('_)(%$ M@JKFJ1 CX [\dXe[X [\ [`mfiZ`f gcXek\X[X gfi AFJ<=8 D8I@8 :8I;<E8J D<A@8 \e ZfekiX [\ >FEQ8CF 8C=FEJF D@zF D@zF i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j# \e Zfej\Zl\eZ`X j\ cf X[d`k\ Xc kiXd`k\ Zfii\jgfe$ [`\ek\# gfi cX mÂ&#x2C6;X m\iYXc jldXi`X% 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cfj [fZld\e$ kfj X[alekfj% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\Â&#x152;XcX cX gXik\ XZkfiX p cX Xlkfi`qXZ`Â?e fkfi^X[X X jl 8Yf^X[f [\]\ejfi% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ gfi cX gi\ejX Xc j\Â&#x152;fi >FEQ8CF 8C=FEJF D@zF D@zF# \e lef [\ cfj [`Xi`fj cfZXc\j [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l$ [X[% <ekiÂ&#x201E;^l\j\ Xc XZZ`feXek\ \c \okiXZkf hl\ Zfii\jgfe[X%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j%

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä&#x2026;

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ?

;I% G89CF KFIF :8II@CCF J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/',0+&k]

<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 1 8 C8 J<zFI8 D8I@8 A<JLJ8 8LC<J :FP8>F 8:KFI1 AL8E D8EL<C K8CC8E8 DFI8C<J ;<D8E;8;F1 8 C8 J<zFI8 D8I@8 A<JLJ8 8LC<J :FP8>F AL@:@F1 )'(($',))$ :J% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 =LE;8D<EKFJ ;< ;<I<:?F 1 <E CF ;@JGL<JKF <E <C 8IK@:LCF ((' ;<C :F;@>F :@M@C ELD<I8C (( @E:@JF J<>LE;F 8JLEKF1 ;@JFCL:@äE M@E:LCF D8KI@DFE@8C D8KI@DFE@F :<C<9I8;F <E :8E>8?L8# GIFM@E:@8 ;< G@:?@E:?8 <C KI<:< ;< <E<IF ;<C ;FJ D@C J<@J# EF ?8E GIF:I<8;F ?@AFJ# EF ?8E 8;HL@;@IF 9@<E<J ;< E@E>LE8 E8KLI8C<Q8% ;<=<EJFI ;<C 8:KFI1 ;I% 8E><C ;<C GFQF @E@:@8;F1 )( ;< 89I@C ;<C )'(( ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# DXpf ') [\c )'((2 cXj ('_+(%$ M@JKFJ1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\$ i`fi# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p% Gfi cf hl\ j\ cX X[d`k\ X ki}d`k\% ;\ZcXiXj\ gif$ Z\[\ek\ \c ki}d`k\ m\iYXc jldXi`f% <ekiÂ&#x201E;^l\j\ X cX [\dXe[X[X D8I@8 A<JLJ8 8LC<J :FP8>F# Zfg`X [\ cX [\dXe[X p [\ \jkX gifm`[\eZ`X% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf X cX [\dXe[X[X D8I@8 A<JLJ8 8LC<J :FP8>F# [`Z_X Z`kXZ`Â?e j\ i\Xc`qXi} Zfe]fid\ \c 8ik% ((0 [\c :Â?[`^f :`m`c# d\[`Xe[f fZ_f [Â&#x2C6;Xj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`Â?e% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX XZkfiX% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgX$ Â&#x152;X% EFK@=@HL<J<% = ;iX% DXiÂ&#x2C6;X D\iZ\[\j Gfik`ccX al\q% Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^X$ Z`Â?e [\ j\Â&#x152;XcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\$ j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < 8%:%&/'.-0

<OKI8:KF :@K8:@äE AL;@:@8C :@K8:@äE AL;@:@8C 8 C8 J<zFI8 DFE@:8 ;<C :8ID<E ?<I<;@8 LJ?@z8 8:KFI1 N@CJFE A8M@<I M<C8 ;<D8E;8;81 DFE@:8 ;<C :8ID<E ?<I<;@8 LJ?@z8 AL@:@F EIF% ),$)'(($GQ$M<I98C JLD8I@F$;@MFI:@F :L8EKĂ 81 @E;<K<ID@E8;8 ;FD@:@C@F1 :8J@CC<IF AL;@:@8C EIF% (),$;I% E<CJFE KF8G8EK8 GIFM@;<E:@81 ALQ>8;F ;y:@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ DXZ_XZ_`# X )/ [\ =<9I<IF [\c )'((2 X cXj '/_+,%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ gi\j\ekX[X gfi \c j\Â&#x152;fi N@CJFE A8M@<I M<C8# jfYi\ [`mfi$ Z`f ZXljXc# gfi ZcXiX p Zfdgc\kX# i\Â&#x2019;e\ Zfe cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX hl\ j\ cX XZ\gkX Xc ki}$ d`k\ \e al`Z`f M\iYXc JldXi`f% <e Zfej\Zl\eZ`X# k\e`\e[f gi\j\ek\ \c aliXd\ekf i\e[`[f gfi \c ZfdgXi\$ Z`\ek\# [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% ((/ [\c :Â?[`^f :`m`c# \e ZfeZfi[XeZ`X Zfe cf gi\jZi`kf \e \c 8ik% /) `eZ`jf k\iZ\if [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cX [\dXe[X[X DFE@:8 ;<C :8ID<E ?<I<;@8 LJ?@z8# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ le \okiXZkf [\ cX [\dXe[X p \jkX gifm`$ [\eZ`X# hl\ j\ _Xi}e \e le g\i`Â?[`Zf [\ cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# gfi ZXi\Z\i \jk\ :XekÂ?e [\ g\i`Â?[`Zfj [\ glYc`ZXZ`Â?e i\^lcXi# [\Y`\e[f d\[`Xi \eki\ leX p fkiX glYc`ZXZ`Â?e# fZ_f [Â&#x2C6;Xj gfi cf d\efj% 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cX [fZld\e$ kXZ`Â?e hl\ j\ _Xe X[alekX[f# gXiX cfj ]`e\j [\ c\p% KÂ&#x201E;e^Xj\ gi\j\ek\ cX ZlXekÂ&#x2C6;X ]`aX[X# cX Xlkfi`qXZ`Â?e Zfe$ ]\i`[X Xc ;i% E\cjfe KfXgXekX2 p# \c ZXj`cc\if al[`Z`Xc Eif% (),# j\Â&#x152;XcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ Efk`]Â&#x2C6;hl\j\%$ ]% ;i% Afi^\ ;lhl\ >iXeaX%$ Al\q ;Â&#x201E;Z`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X%$ GXik`ZlcXi hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`$ e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# [\ekif [\c g\iÂ&#x2C6;d\kif

[\ \jk\ alq^X[f# XhlÂ&#x2C6; \e cX Z`l[X[ [\ DXZ_XZ_`% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p%$ :\ik`]`Zf%$ ;I% N8J?@E>KFE DFC@E8 M% J<:I<K8I@F ?Xp le j\ccf 8I&/*-+)&ZZ

ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C 8C J<zFI Q?8@I 8C@ Q?8I@= J@<II8 :FE C8 ;<D8E;8 ;< ;@MFI:@F HL< <E AL@:@F M<I98C JLD8I@F J@>L< <E JL :FEKI8 C8 J<zFI8 D8I@8 JFC<;8; M@CC8C98 J<>LI8 8:KFI8% DXiÂ&#x2C6;X Jfc\[X[ M`ccXcYX J\^liX ;<D8E;8;F%$ Q_X`i 8c` Q_Xi`] J`\iiX AL@:@F%$ ;`mfiZ`f KIĂ?D@K<%$ M\iYXc JldXi`f :L8EKĂ 8% @e[\k\id`eX[X F9A<KF ;< C8 ;<D8E;8%$ ;`jfclZ`Â?e [\c mÂ&#x2C6;eZlcf dXki`dfe`Xc :8LJ8 Ef% )'(($ ',(+ < GIF8zF G IFM @ ; < E : @ 8 % $ A L Q>8 ; F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# dXik\j (. [\ dXpf [\ )'((# cXj '/_**%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f% <e dÂ&#x201E;i`kf [\c aliXd\ekf hl\ i\Xc`qX \c XZkfi \e \c hl\ [\ZcX$ iX cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X[X# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi Q?8@I 8C@ Q?8I@= J@<II8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [Â&#x2C6;Xj \eki\ ZX[X glYc`ZXZ`Â?e%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e hl\ j\ _XZ\ gXiX cX [\j`^eXZ`Â?e [\ ZliX[fi X[ c`k\d% 8^iÂ&#x201E;^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj XZfdgXÂ&#x152;X[fj% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\Â&#x152;XcX[f%$ EFK@=@HL<J<%$ ] ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`Â&#x201E;e[f$ c\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZXZ`fe\j hl\ c\j Zfii\jgfe[X% ;i% DXel\c 8dÂ?e D\[`eX J<:I<K8I@F ;<C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*-(.&ZZ

<OKI8:KF AL;@:@8C :@K8:< 8C J<zFI D8I:FJ @JI8<C :89<Q8J DFEK<IFJ CF HL< J@>L< 8JLEKF1 ;`mfiZ`f AL@:@F1 M\iYXc JldXi`f :8LJ8 E%$ ,,/$)'(( 8:KFI D`i`Xe >lX[Xclg\ EfYfX CÂ?g\q ;<D8E;8;F DXiZfj @jiX\c :XY\qXj Dfek\ifj GIFM@;<E:@8 ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ :XpXdY\ X / [\ alc`f [\c )'((%$ CXj '0?*'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf \e ZXc`[X[ [\ Al\q \eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc (+.+$;G4;GG [\c , [\ alc`f [\c )'((%$ CX [\dXe$ [X gifgl\jkX gfi cX j\Â&#x152;fiX D`i`Xe >lX[Xclg\ EfYfX CÂ?g\q \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j gfi cf hl\ j\ cf XZ\gkX Xc ki}d`k\ \e al`Z`f m\iYXc jldXi`f# Zfej\Zl\e$ k\d\ek\ ZÂ&#x2C6;k\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p \jkX gifm`[\eZ`X Xc XZZ`feX[f j\Â&#x152;fi DXiZfj @jiX\c :XY\qXj Dfek\ifj# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf# gfi _XY\ij\ X]`idX[f Zfe aliXd\ekf# cX `dgfj`Y`c`[X[ [\ ZfefZ\i cX [`i\ZZ`Â?e# `e[`m`[lXc`[X[ p i\j`[\eZ`X [\c [\dXe[X[f# [\ Zfe$ ]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\Â&#x152;XcX gXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# XjÂ&#x2C6; Zfdf \c efdYiXd`\ekf [\ jl ;\]\ejfiX%$ 8^iÂ&#x201E;^lj\ X cfj Xlkfj# cX [fZld\ekX$ Z`Â?e hl\ j\ X[alekX%$ Efk`]Â&#x2C6;hl\j\%$ <c Al\q%$ = ;i% :i`jkÂ?YXc Fa\[X% FKI8 GIFM@;<E:@8 ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ :XpXdY\ X (* [\ alc`f [\c )'((%$ CXj '0?*'%$ 8mfZf ZfefZ`d`\ekf \e ZXc`[X[ [\ Al\q \eZXi^X[f# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc (+.+$;G$;GG [\c , [\ alc`f [\c )'((%$ ;\ f]`Z`f j\ Xdgc`X \c Xlkf [\ ZXc`]`ZXZ`Â?e i\jg\Zkf [\ cX Z`kXZ`Â?e Xc XZZ`feX[f DXiZfj @jiX\c :XY\qXj Dfek\ifj# hl\ j\ cf _Xi} d\[`Xe[f gfi cf d\efj fZ_f [Â&#x2C6;Xj \eki\ glYc`ZXZ`Â?e p glYc`ZXZ`Â?e# \e cf [\d}j \jkÂ&#x201E;j\ X cf [`jgl\j$

Ĺ?

kf%$ Efk`]Â&#x2C6;hl\j\%$ <c Al\q%$ = ;i% :i`jkÂ?YXc Fa\[X% Cf hl\ Z`kf X L[% gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXiX ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc [\c Alq^X[f ;Â&#x201E;Z`df :lXikf [\ cf :`m`c [\ G`Z_`eZ_X \e :XpXdY\%$ :\ik`]`Zf%$ 9iXlc`f G\i\q G\Â&#x152;X]`\c J<:I<K8I@F (+ :@M@C ;< G@:?@E:?8% <o`jk\ ]`idX p j\ccf% 8%G%&+0/.,&b%d%

<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< @98II8 :@K8:@äE 81 ;<ID8 C<FEFI 9FE@CC8 >8CC<>FJ 8:KFI1 ;8E@<C M@M<IFJ ;<D8E;8;F1 ;<ID8 C<FEFI 9FE@CC8 >8CC<>FJ ;FD@:@C@F ;<C 8:KFI ;I% @M�E CäG<Q :8J@CC<IF EIF% (0.

AL@:@F M<I98C JLD8I@F D8K<I@81 ;@MFI:@F EIF *)'$ )'(' II :L8EKĂ 8% @E;<K<ID@E8;8 GIFM@;<E:@8 ALQ>8;F HL@EKF ;< CF :@M@C ;< @D989LI8% @YXiiX# dXik\j (/ [\ \e\if [\c )'((# cXj (+_*0% M@JKFJ1 ?XY`Â&#x201E;e[fj\ [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\$ i`fi# j\ ZXc`]`ZX cX [\dXe[X \j ZcXiX# Zfdgc\kX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`$ j`kfj [\ c\p hl\ c\ Zfii\jgfe[\# gfi cf hl\ j\ XZ\gkX X ki}d`k\ M\iYXc JldXi`f% 8k\ekf \c aliXd\ekf p [\ Zfe]fid`[X[ Zfe cfj 8ikj% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c M`^\ek\ p ((0 [\c :Â?[`^f :`m`c ZÂ&#x2C6;k\j\ X cX [\dXe[X[X ;<ID8 C<FEFI 9FE@CC8 >8CC<>FJ gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ @YXiiX p cX Z`l[X[ [\ Hl`kf d\[`Xe[f fZ_f [Â&#x2C6;Xj _}Y`c\j \eki\ ZX[X leX% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f% 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e gi\$ j\ekX[X% Efk`]Â&#x2C6;hl\j\% ] ;i% E\cjfe EXmXii\k\% Cf hl\ Z`kf X L[# gXiX cfj ]`e\j [\ c\p% @YXiiX + [\ =\Yi\if [\c )'(( ;iX% 8e`kX 8e[iX[\ IlÂ&#x2C6;q J<:I<K8I@8 JL9IF>8EK< ?Xp ]`idX p j\ccf 8[&)).-(&X`

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< KLE>LI8?L8 :@K8:@FE AL;@:@8C 8c [\dXe[X[f j\Â&#x152;fi J<>LE;F AFJ< K@O< :?@CL@J8# [\ekif [\c al`Z`f Ef '*0-$)'(( ;`mfiZ`f# gifgl\jkf \e jl ZfekiX gfi :FEJL<CF 8JLE:@FE K<E@DL<C8 >L8EFC<D8% C\ _X^f jXY\i1 AL@:@F ;@MFI:@F KI8D@K< M<I98C JLD8I@F :8LJ8C ELD<I8C ((X% @E:@JF )[f% ;<C 8IK$ ((' ;<C :F;@>F :@M@C :L8EK@8 @E;<K<ID@E8;8 AL<Q8 K<DGFI8C 89% E<CCP G8I<;<J F:?F8 GIFM@;<E:@8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# d`Â&#x201E;i$ Zfc\j (, [\ ale`f [\c )'((# cXj (-_('% M@JKFJ1 CX [\dXe[X gi\j\ekX[X gfi j\i ZcXiX p c\^Xc j\ cX XZ\gkX Xc ki}d`$ k\ m\iYXc jldXi`f2 gfi cf kXekf ZÂ&#x2C6;k\j\ X J<>LE;F AFJ< K@O< :?@CL@J8# gfi d\[`f [\ cX gi\ejX [\ dXpfi Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf p \e \jkX Z`l[X[# pX hl\ cX [\dXe$ [Xek\ _X [\ZcXiX[f YXaf aliXd\ekf hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi \c [fd`Z`c`f [\c [\dXe[X[f%$ Cfj d\efi\j X[lckfj _XY`[fj [\ekif [\c dXki`dfe`f [\j`^e\e [`i\ZkXd\ek\ ZliX[fi X[$c`k\d gXiX hl\ cfj i\gi\$ j\ek\%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gXiX jlj efk`]`ZX$ Z`fe\j%$ 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ 8ZkÂ&#x2019;\ \c [fZkfi JXek`X^f DfekXcmf KXdXpf# Zfdf J\Zi\kXi`f <eZXi^X[f gfi c`Z\eZ`X [\c k`klcXi# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% -,'$:A$;GK$((%$ :Â&#x2C6;k\j\ p efk`]Â&#x2C6;hl\j\%$ =`idX @c\^`Yc\ 89% E<CCP G8I<;<J F:?F8 AL<Q8 K<DGFI8C :\ik`]`Zf1 =`idX @c\^`Yc\ ;i% JXek`X^f DfekXcmf KXdXpf J<:I<K8I@F <E:8I>8;F Cf hl\ Zfdle`Zf Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e [\ ]`aXi ZXj`cc\if al[`Z`Xc \e cXj Z`l[X[\j# 8dYXkf p Hl`kf gXiX jlj ]lkliXj efk`]`ZXZ`f$ e\j# gfjk\i`fi\j X cfj m\`ek\ [Â&#x2C6;Xj [\ cX k\iZ\iX p Â&#x2019;ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf# ZXjf ZfekiXi`f# j\ k\e[i} \e i\Y\c[Â&#x2C6;X% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p%$ 8dYXkf# '- [\c )'((% :\ik`]`Zf% =`idX @c\^`Yc\ 89% :<J8I ;L<z8J KILA@CCF J<:I<K8I@F ?Xp le j\ccf )''),&00/),

<OKI8:KF [\ Z`kXZ`Â?e al[`Z`Xc Alq^X[f j\^le[f [\ cf Z`m`c [\ jXekf [fd`e^f [\ cfj kj}Z_`cXj Al`Z`f1 Al`Z`f E% (*.*$)'('$8%C 8Zkfi1 8e^\c =XY`Xe DXek`ccX GXi\[\j ;\dXe[X[f1 9cXeZX DXi`XeX

<A<:LK@MFJ ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

IÂ&#x152;be fk[Z[ i[h \[b_p i_[cfh[ [b gk[ i[fW i[h \[b_p Yed jeZe$ 9ED<K9?E

JlXjeXmXj M X c \ e q l \ c X Al\q J 1 ; i% =\ i e X e [ f :X[\eX M X c \ e q l \ c X J\Zi\kXi`f \ 1 ;i% N`cjfe GXi\[\j \ :lXek`X1 @ e [ \ k \ i d ` e X [ X Alq^X[f j\^le[f [\ cf Z`m`c [\ jXekf [fd`e^f [\ cfj kj}Z_`cXj% JXekf ;fd`e^f# Cle\j (, [\ efm`\dYi\ [\c )'('# cXj (-_+-% Gi\m`f X ZXc`]`ZXi cX [\dXe[X gi\j\ekX[X# j\ [`jgfe\ hl\ \c XZkfi 8E><C =89@8E D8EK@CC8 G8I<;<J# \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj ZfdgXi\qZX X \jkX Al[`ZXkliX X XZcXiXi YXaf aliXd\ekf hl\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX `e[`m`[lX$ c`[X[# i\j`[\eZ`X p [fd`Z`c`f [\ cX [\dXe[X[X# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]Â&#x2C6;hl\j\% ALQ>8;F J<>LE;F ;< CF :@M@C ;< J8EKF ;FD@E>F ;< CFJ KJĂ?:?@C8J% JXekf ;fd`e^f# d`Â&#x201E;i$ Zfc\j ). [\ XYi`c [\c )'((# cXj ((_*(% Gifm\p\e[f cX g\k`Z`Â?e hl\ Xek\Z\$ [\# j\ [`jgfe\ hl\ \c XZkfi 8E><C =89@8E D8EK@CC8 G8I<;<J [\e$ kif [\c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj ZfdgX$ i\qZX Xc [\jgXZ_f [\ \jkX Al[`ZXkliX X [\ZcXiXi YXaf aliXd\ekf \c _\Z_f [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\i$ d`eXi cX `e[`m`[lXc`[X[# i\j`[\eZ`X p [fd`Z`c`f [\ cX [\dXe[X[X j\Â&#x152;f$ iX 9C8E:8 D8I@8E8 JL8JE8M8J M<C<EQL<C8# XZfi[\ X cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8ZklXe[f \e ZXc`[X[ [\ j\Zi\kXi`f \eZXi^X[f [\ cX Al[`ZXkliX# \c ;i% N`cjfe GXi\[\j EXmXii\k\# j\^Â&#x2019;e XZZ`Â?e [\ g\ijfeXc E% '((.$;G$;GJ;K$)'(( [\ ]\Z_X (( [\ dXiqf [\c )'((# jljZi`kX gfi \c ;i% DXiZf ?`efafjX GXqfj# ;`i\Zkfi Gifm`eZ`Xc [\c :fej\af cX Al[`ZXkliX [\ JXekf ;fd`e^f [\ cfj Kj}Z_`cXj < % ?}^Xj\ jXY\i%$ ALQ>8;F J<>LE;F ;< CF :@M@C ;< J8EKF ;FD@E>F ;< CFJ KJĂ?:?@C8J% JXekf ;fd`e^f# al\m\j () [\ dXpf [\c )'((# cXj (.?(0% M@JKFJ%$ LeX m\q hl\ cX gXik\ XZkfiX X [X[f Zld$ gc`d`\ekf Zfe gifm`[\eZ`X Xek\i`fi%$ ;i% =\ieXe[f :X[\eX MXc\eql\cX Ă&#x2020; Al\q [\c Alq^X[f J\^le[f [\ cf :`m`c [\ JXekf ;fd`e^f [\ cfj Kj}Z_`cXj# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX p gfi \c jfik\f Zfii\jgfe[`\e$ k\%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# gfi kXekf j\ cX XZ\gkX Xc ki}d`k\ c\^Xc Zfii\jgfe$ [`\ek\ \e AL@:@F M<I98C JLD8I@F [\ [`mfiZ`f% :Â&#x2C6;k\j\ X cX [\dXe[X$ [X j\Â&#x152;fiX 9C8E:8 D8I@8E8 JL8JE8M8J M8C<EQL<C8# gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ JXekf ;fd`e^f p \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e hl\ j\ \[`kX \e cX Gifm`eZ`X [\ G`Z_`eZ_X d\[`Xe[f \eki\ leX p fkiX glYc`ZXZ`Â?e# dÂ&#x2C6;e`df fZ_f [Â&#x2C6;Xj [\ kÂ&#x201E;id`ef% ;liXek\ cX m`[X dXki`df$ e`Xc _Xe gifZi\X[f le _`af# gfi j\i d\efi X[lckf \j hl`\e [\Y\ `ej`elXi le :liX[fi 8[$ C`k\d gXiX hl\ cf i\gi\j\ek\ \e \c gi\j\ek\ gifZ\jf# cl\^f cf ZlXc ZlÂ&#x201E;ek\j\ Zfe lef [\ cfj j\Â&#x152;fi\j =`jZXc\j [\ \jkX Z`l$ [X[ \e i\gi\j\ekXZ`Â?e [\c =`jZXc`X >\e\iXc [\c <jkX[f# [\ Zfe]fid`[X[ Zfe \c Xik`Zlcf 00/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X# \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gXiX ]`e\j [\ C\p# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl XYf$ ^X[f [\]\ejfi% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ XZfdgXÂ&#x152;X% ?}^Xj\ j X Y \ i % V ] %%%%%%%%%%%%% ;i% =\ieXe[f :X[\eX MXc\eql\cX# Al\q J\^le[f [\ cf :`m`c [\ JXekf ;fd`e^f [\ cfj Kj}Z_`cXj%%%%%% ] %%%%%%%%% ;i% N`cjfe GXi\[\j EXmXii\k\ `e]iXjZi`kf j\Zi\kXi`f \ % GXik`ZlcXi hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e hl\ j\Â&#x152;X$ cXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ JXekf ;fd`e^f p [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc [\ \jk\ Alq^X[f gXiX jlj ]lkliXj efk`]`ZXZ`fe\j% ;i% N`cjfe GXi\[\j J<:I<K8I@F \ % (,(*/+&Zm (,),)/&Zm

D<EFI<J I% ;<C <% ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI C@LK A8I8D@CCF <JK<98E 8C<A8E;IF <OKI8:KF :8LJ81 8LKFI@Q8:@äE ;< J8C@;8 ;<C G8@J Ef% ;< AL@:@F1 ./*$)'(( Ă&#x2020; :=K 8:KFI81 :I@JK@E8 M8E<JJ8 DLzFQ 8E;I8;< ;<D8E;8;F1 C@LK A8I8D@CCF <JK<98E 8C<A8E;IF :L8EK@81 @E;<K<ID@E8;8 AL<Q8 8;ALEK81 ;I8% >PE8 JFC@J M@J:8II8

ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# al\m\j (+ [\ alc`f [\c )'((# cXj '/_,/%$M@JKFJ%$8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\ cX i\jfclZ`Â?e Ef% ',*$)'('# glYc`ZX$ [X \e \c I\^`jkif F]`Z`Xc Ef$ )-+ [\c ), [\ X^fjkf [\c )'('# XikÂ&#x2C6;Zlcf * c`k\$ iXc Z# \e d` ZXc`[X[ [\ Al\qX 8[alekX [\ \jkX Al[`ZXkliX p gfi \c jfik\f [\ c\p $ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ XZ\gkX X ki}d`k\ \jkXYc\Z`[f \e \c 8ik% ).( [\c :Â?[`^f [\ cX E`Â&#x152;\q p 8[fc\jZ\eZ`X%$ Gfi ZlXekf cX j\Â&#x152;f$ iX DlÂ&#x152;fq 8e[iX[\ :i`jk`eX MXe\jX [\ZcXiX YXaf aliXd\ekf [\jZfefZ\i \c [fd`Z`c`f [\c [\dXe[X[f# :@K<J< Xc j\Â&#x152;fi C@LK A8I8D@CCF <JK<98E 8C<A8E;IF d\[`Xek\ ki\j glYc`ZX$ Z`fe\j# hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX \e le g\iÂ&#x2C6;f$ [`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\c cl^Xi% <c [\dXe[X[f k`\e\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j [\ ef ZfdgXi\Z\i j\ Zfej`[\iXi} jl i\Y\c[Â&#x2C6;X% @ek\im\e^X \c <hl`gf KÂ&#x201E;Ze`Zf [\ cfj Alq^X[fj [\ cX E`Â&#x152;\q p 8[fc\jZ\eZ`X [\ Hl`kf% F]Â&#x2C6;Z`\j\ Xc j\Â&#x152;fi ;`i\Zkfi EXZ`feXc [\ D`^iXZ`Â?e X ]`e [\ hl\ Z\ik`]`$ hl\ \c dfm`d`\ekf d`^iXkfi`f [\c j\Â&#x152;fi C@LK A8I8D@CCF <JK<98E 8C<A8E;IF% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX XZZ`feXek\ p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl 8Yf^X[f [\]\ejfi%$ EFK@=@HL<J<% = ;I8% >PE8 JFC@J M@:8II8# AL<Q 8;ALEKF% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`$ e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iÂ&#x2C6;d\kif [\ C\p% 8k\ekXd\ek\# 8Y% AXm`\i DXikÂ&#x2C6;e\q 8^l`ii\% J<:I<K8I@F 8;ALEKF ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'.0.&k]

:@K8:@FE AL;@:@8C 81 8E><C <;L8I;F DFI<EF FJFI@F# >CFI@8 <JG<I8EQ8 LII<JK8 DLzFQ p AFI>< <EI@HL< ;8M@C8 DLzFQ <OKI8:KF AL@:@F% <A<:LK@MF 8:KFI% D8IĂ 8 <L><E@8 ;FEFJF GIF8zF# GifZliX[fiX Al[`Z`Xc [\ GIF;L98E:F J%8% ;<D8E;8;F% 8E><C <;L8I;F DFI<EF FJFI@F# >CFI@8 <JG<I8EQ8 LII<JK8 DLzFQ p AFI>< <EI@HL< ;8M@C8 DLzFQ KI8D@K<% <A<:LK@MF Ă&#x2020;:FEKI8KF DLKLF$ :8LJ8 Ef% ('+)$)''/$A=$I:F :L8EK@8% :L8I<EK8 D@C ;äC8I<J +'%'''#'' Ă&#x2C6;ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF% )/ [\ FZklYi\ [\c )''/# cXj ()_'-% M@JKFJ%$;i% NX^e\i 8iklif A}k`mX Hl`ifq# Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% ),)/$;G$;;G [\c ), [\ 8^fjkf [\c )''/# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX p \e m`ikl[ [\ cX iXqÂ?e [\ jfik\f hl\ Xek\Z\[\# [`jgfe^f1$ CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ \a\Zlk`mf# \e Zfe$ j\Zl\eZ`X cfj [\dXe[X[fj j\Â&#x152;f$ i\j 8E><C <;L8I;F DFI<EF FJFI@F P >CFI@8 <JG<I8EQ8 LII<JK8 DLzFQ# [\l[fi\j p AFI>< <EI@HL< ;8M@C8 DLzFQ# ^XiXek\ jfc`[Xi`f# \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f [\ekif [\c d`jdf kÂ&#x201E;i$ d`ef gifgfe^Xe \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p%%$ :Â&#x2C6;k\j\ X cfj [\dXe[X[fj \e \c cl^Xi `e[`ZX[f%$ Gi\m`f X fi[\eXi cX d\[`[X jfc`Z`kX$ [X cX gXik\ XZkfiX gi\j\ek\ \c Z\i$ k`]`ZX[f [\ >iXm}d\e\j Zfe kf[fj cfj i\hl`j`kfj hl\ \jkXYc\Z\ \c 8ik% ++, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :lÂ&#x201E;ek\j\ Zfe cX ;iX% D8I@8 <L><E@8 ;FEFJF GIF8zF# \e cX ZXc`[X[ hl\ ZfdgXi\Z\# j\^Â&#x2019;e gf[\i \jg\Z`Xc X[alekf%$ 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%$ KÂ?d\j\ efkX [\ cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[XĂ&#x2030;%$ Efk`]Â&#x2C6;hl\j\%$ ;i% NX^e\i 8iklif A}k`mX Hl`ifq# Al\q J % Ă&#x2C6;ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j ) [\ j\gk`\dYi\ [\c )'('# cXj (-_(-% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi# m`jkX cX XZZ`Â?e [\ g\ijfeXc Ef% (*). [\c (0 [\ X^fjkf [\c XÂ&#x152;f )'('%$ 8k\ekX cX Xj\m\iXZ`Â?e aliXd\ekX[X

CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE HILACRIL S.A. De acuerdo a los estatutos de la compaùía y la Ley de la materia, convócase a los seùores accionistas de Hilacril S.A., e individualmente a los seùores Ing. Hernån Eduardo Dåvila y Sr. Orlando Hidalgo, en sus calidades de Comisario Principal y Suplente respectivamente, a la Junta General Extraordinaria de Accionistas de Hilacril S.A., que se celebrarå el día lunes 01 de Agosto del 2011, a las 09H00, en las instalaciones de la compaùía ubicada en el Km. 18 de la Vía Interoceånica, Parroquia de Tumbaco, Cantón Quito, calle Aurelio Dåvila s/n.

[\ cX [\dXe[Xek\ i\jg\Zkf X cX `dgfj`Y`c`[X[ [\ [Xi Zfe cX i\j`$ [\eZ`X [\ cfj [\dXe[X[fj# ZÂ&#x2C6;k\j\ Zfe le \okiXZkf [\ cX [\dXe[X Xlkf `e`Z`Xc p \jkX gifm`[\eZ`X X 8E><C <;L8I;F DFI<EF FJFI@F# >CFI@8 <JG<I8EQ8 LII<JK8 DLzFQ P 8 AFI>< <EI@HL< ;8M@C8 DLzFQ# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`Â?e# hl\ j\ \[`kXe \e \jkX Z`l$ [X[2 gXiX Zlpf \]\Zkf# gfi j\Zi\kXi`X \ok`Â&#x201E;e[Xj\ \c i\jg\Zk`mf \okiXZkf% CX k\iZ\i`jkX ZfX[plmXek\ @E>% ?<ID@E@8 ?LIK8;F# \e ki\j [Â&#x2C6;Xj# `e[`hl\ \c cl^Xi [fe[\ j\ X [\ efk`]`$ ZXi X cfj [\dXe[X[fj Zfe jl k\iZ\iÂ&#x2C6;X ZfX[plmXek\Ă&#x2030;% Efk`]Â&#x2C6;hl\j\%$ ;i% Alc`f :\jXi 8dfi\j IfYXc`ef% AL<Q% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'.-.

C8 I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J AFI>< ><FM8EEP IFA8J @z@>L<Q P 8E8 <C@Q89<K? >8CCF 9FE@CC8 ;<C AL@:@F <A<:LK@MF GIFGL<JK8 <E JL :FEKI8 GFI <C 98E:F ;< >L8P8HL@C >\Xe DX^Xc` 8^l`ii\ 9\eXcZ}qXi GifZliX[fiX Al[`Z`Xc 8:KFI1 98E:F ;< >L8P8HL@C >\Xe DX^Xc` 8^l`ii\ 9\eXcZ}qXi GifZliX[fiX Al[`Z`Xc ;<D8E;8;FJ1 AFI>< ><FM8EEP IFA8J @z@>L<Q P 8E8 <C@Q89<K? >8CCF 9FE@CC8 Al`Z`f1 <a\Zlk`mf )'('$((*-$ I> :L8EK@81 ;fZ\ d`c [Â?cXi\j [\ cfj <jkX[fj Le`[fj [\ Efik\XdÂ&#x201E;i`ZX =<:?8 ;< @E@:@8:@FE1 '. [\ j\g$ k`\dYi\ [\c )'('% G I FM @ ; < E : @ 8 1 A L Q> 8 ; F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '. [\ j\gk`\dYi\ [\c )'('# cXj ('_,(%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`$ kfj [\ C\p# gfi cf hl\ j\ cf XZ\gkX X ki}d`k\ \a\Zlk`mf%$ <e Zfej\Zl\eZ`X cfj [\dXe[X[fj j\Â&#x152;fi\j AFI>< ><FM8EEP IFA8J @z@>L<Q P 8E8 <C@Q89<K? >8CCF 9FE@CC8# Zld$ gcXe Zfe jl fYc`^XZ`Â?e f gifgfe^Xe \oZ\gZ`fe\j \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj%$ <e dÂ&#x201E;i`kf X cfj [fZld\ekfj

gi\j\ekX[fj p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eXa\eXi [\ cfj m\_Â&#x2C6;Zlcfj1 leX ZXd`fe\kX# Zfcfi m\i[\# XÂ&#x152;f (00.# df[\cf ZfijX# dXiZX Z_\mifc\k# k`gf g`Zb$lg# gcXZX F:A$,*/# dfkfi 8O'''''))# Z_X$ j`j J/'(-.;'''*02 p# [\ le Xlkf$ dÂ?m`c# Zfcfi m\i[\# dXiZX [X\nff# k`gf j\[Xe# df[\cf cXefj J<# gcXZX GM;$)*/# dfkfi 8(,JDJ(.)-.,9# Z_Xj`j BC8K=-0P<N9)*(+*,# [\ gifg`\[X[ [\c [\dXe[X[f j\Â&#x152;fi AFI>< ><FM8EEP IFA8J @z@>L<Q# i\]\i`[fj \e cfj Z\ik`]`$ ZX[fj [\ dXkiÂ&#x2C6;ZlcX# gXiX \c \]\Zkf efk`]Â&#x2C6;hl\j\ X cX :fd`j`Â?e EXZ`feXc [\c KiXejgfik\ K\ii\jki\# Ki}ej`kf p J\^li`[X[ M`Xc$ :Â&#x2C6;k\j\ X cfj [\dXe$ [X[fj \e \c cl^Xi hl\ j\ `e[`ZX%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc j\Â&#x152;XcX[f%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgX$ Â&#x152;X[X%$ ;\a}e[fj\ Zfg`Xj p i\Z`Yf \e Xlkfj# [\j^cÂ?j\j\ p \ekiÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X Xc j\Â&#x152;fi C\feXi[f ;fdÂ&#x2C6;e^l\q%$Efk`]Â&#x2C6;hl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`Â&#x152;f% Al\qX% G I FM @ ; < E : @ 8 % A L Q> 8 ; F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# (. [\ Ale`f [\c )'((# cXj (-_,(%$ 8^iÂ&#x201E;^l\j\ Xc gif$ Z\jf \c \jZi`kf gi\j\ekX[f%$ 8k\ekf X cf jfc`Z`kX[f \e dÂ&#x201E;i`kf X cX iXqÂ?e j\ekX[X gfi \c j\Â&#x152;fi Z`kX[fi p Xc aliXd\ekf i\e[`[f gfi cX XZkfiX [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj j\Â&#x152;fi\j AFI>< ><FM8EEP IFA8J @z@>L<Q P 8E8 <C@Q89<K? >8CCF 9FE@CC8# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi glYc`ZXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]Â&#x2C6;hl\j\%%%%% ] ;iX% DÂ?e`ZX =cfi GXqd`Â&#x152;f% Al\qX% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'.,(

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8C J<zFI1 IF9<IKF JK<8; QLD8II8>8 <OKI8:KF AL;@:@8C AL@:@F1 <A<:LK@MF Ef% )''0$ (,)+$M>D 8:KFI1 ;I% =I8E:@J:F <JK<98E :8II<I8 ;LI8E

CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE IMPORTADORA, EXPORTADORA Y COMERCIALIZADORA D&BOND C.A. De acuerdo a los estatutos de la compaùía y la Ley de la materia, convócase a los seùores accionistas de Importadora, Exportadora y Comercializadora D&BOND C.A. e individualmente a los seùores Ing. Hernån Eduardo Davila y Sr. Orlando Hidalgo, en sus calidades de Comisario Principal y Suplente respectivamente, a la Junta General Extraordinaria de Accionistas de la compaùía, que se celebrarå el día lunes 01 de Agosto del 2011, a las 12h00, en las instalaciones de la compaùía ubicada en la Av. Orellana E10-65 y Coruùa de esta ciudad de Quito.

El orden del día serå el siguiente: El orden del día serå el siguiente: 1.- Autorización para que el Sr. Gerente de la compaùía, proceda a la implementación de las Normas Internacionales de Información Financiera NIIF, dando cumplimiento a lo resuelto por la Superintendencia de Compaùías.

1.- Autorización para que el Sr. Gerente de la compaùía, proceda a la implementación de las Normas Internacionales de Información Financiera NIIF, dando cumplimiento a lo resuelto por la Superintendencia de Compaùías.

Atentamente, Atentamente, Ing. Eduardo Davila B. PRESIDENTE ENCARGADO

Ing. John Davila B. PRESIDENTE ENCARGADO

Ing. Charles Davila Bond GERENTE

Ing. Eduardo Davila Bond GERENTE AR/83808/cc

AR/83807/cc

GifZliX[fi Al[`Z`Xc [\c 9XeZf G`Z_`eZ_X ;<D8E;8;F1 IF9<IKF JK<8; QLD8II8>8 KI8D@K<1 <A<:LK@MF :L8EK@81 LJ; /%'''#ff F9A<KF1 G8>F ;<C :8G@K8C :FEK<E@;F <E <C G8>8I<# D8J CFJ @EK<I<J<J ;< DFI8# :FD@J@FE P :FJK8J AL;@:@8C<J <E CFJ HL< J< @E:CL@I8E CFJ ?FEFI8I@FJ GIF=<J@FE8C<J%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# HL@KF# (. [\ ;`Z`\dYi\ [\c )''0# cXj (+_))%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jkX al[`ZXkliX \e m`ikl[ [\c F]`Z`f Ef% 0).$;G$;;G$A8I$'.# [\ ]\Z_X ', [\ [`Z`\dYi\ [\c )''. p [\c jfik\f c\^Xc gi\Z\[\ek\% CX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\$ Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X Ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X# j\ [`j$ gfe\ hl\ \c j\Â&#x152;fi IF9<IKF JK<8; QLD8II8>8# ZldgcX Zfe jl fYc`$ ^XZ`Â?e f gifgfe^X \oZ\gZ`fe\j \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj% <e dÂ&#x201E;i`kf X cX [fZld\ekXZ`Â?e X[alekX p [\ Zfe$ ]fid`[X[ Zfe \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eXa\eXi f Zfejk`kl`i ZlXchl`\i fkif ^iXmXd\e [\c m\_Â&#x2C6;$ Zlcf1 D8I:8 :_\mifc\k# DF;<CF <jk\\d +G ;CO K&D8&:(%-# 8zF )'')# :C8J< XlkfdÂ?m`c# :FCFI ifaf# K@GF j\[Xe# GC8:8 GPL'0.)# :?8J@J /C8<>:*(J)'('0-,.# p d}j ZXiXZk\iÂ&#x2C6;jk`ZXj hl\ ZfejkXe \e \c Z\ik`]`ZX[f fkfi^X[f gfi cX :fd`j`Â?e EXZ`feXc [\c KiXejgfik\ K\ii\jki\# Ki}ej`kf p J\^li`[X[ M`Xc# m\_Â&#x2C6;Zlcf [\ gifg`\[X[ [\c [\dXe[X[f j\Â&#x152;fi IF9<IKF JK<8; QLD8II8>8% GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X# f]Â&#x2C6;Z`\j\ X cX :fd`j`Â?e EXZ`feXc [\c KiXejgfik\ K\ii\jki\# Ki}ej`kf p J\^li`[X[ M`Xc% :Â&#x2C6;k\j\ Xc [\dXe[X$ [f \e cfj cl^Xi\j `e[`ZX[fj gXiX \c \]\Zkf% KÂ?d\j\ \e Zl\ekX \c [fd`$ Z`c`f al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi p X^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\e$ kXZ`Â?e XZfdgXÂ&#x152;X[X% Gi\m`f [\aXi Zfg`Xj p i\Z`Yf \e Xlkfj [\j^cÂ?j\j\ cX [fZld\ekXZ`Â?e i\hl\i`[X p \ekiÂ&#x201E;$ ^l\j\ X cX g\ijfeX Xlkfi`qX[X \e c`Y\cf `e`Z`Xc% Efk`]Â&#x2C6;hl\j\%$;i% IlYÂ&#x201E;e :\mXccfj =XYXiX%$ Al\q Jlgc\ek\%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# HL@KF# cle\j )' [\ Ale`f [\c )'((# cXj ('_(.%$ <e dÂ&#x201E;i`kf Xc aliXd\ekf [\c XZkfi# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`$ eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cX [\dXe[X[X# [\ Zfe]fid`[X[ hl\ Zfe cf hl\ \jkXYc\Z\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ Xc j\Â&#x152;fi IF9<IKF JK<8; QLD8II8>8# gfi cX gi\e$ jX%$ EFK@=@HL<J<%$] ;i% IlYÂ&#x201E;e

:\mXccfj =XYXiX%$ Al\q Jlgc\ek\%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`$ Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;I% E@CF >FEQ8CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'.,)

I ;<C <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@äE AL;@:@8C G8I81 :fdgXÂ&#x152;Â&#x2C6;X K<=CFE<J >FEQ8C<Q P D8IK@E<Q J%8%# \e cX g\ijfeX [\ jl i\gi\j\ekXek\ c\^Xc DXik_X @jXY\c DXikÂ&#x2C6;e\q QXgXkX $<OKI8:KF$ AL@:@F <A<:LK@MF1 Eif% (),-$ )''/ :%@% 8:KFI1 ;i% ;`\^f =iXeZ`jZf CXii\X 8cXiZÂ?e# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 98E:F G@:?@E:?8 :%8% ; < D 8 E ;8 ; F J 1 : f d g X Â&#x152; Â&#x2C6; X K<=CFE<J >FEQ8C<Q P D8IK@E<Q J%8%# \e cX g\ijfeX [\ jl i\gi\j\e$ kXek\ c\^Xc DXik_X @jXY\c DXikÂ&#x2C6;e\q QXgXkX F9A<KF1 :fYif [\ le jfYi\^`if gfi cX ZXek`[X[ [\ LJ; )%-,/#,( Zfe]\$ i`[f X cX ;\dXe[X[X \e cX Zl\ekX Zfii`\ek\ Xek\i`fi Ef% *'*0+,),'+ p XZklXcd\ek\ Ef% +0.0'*$''# `ek\$ i\j\j# ZfjkXj gifZ\jXc\j p _fefiX$ i`fj gif]\j`feXc\j KI8D@K<1 <a\Zlk`mf :L8EK@8% LJ; +%''' [Â?cXi\j :8J@CC<IF AL;@:@8C Eif1 (+0( 8Y^% DXiÂ&#x2C6;X GÂ&#x201E;i\q >% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# ), [\ Efm`\dYi\ [\c )''/# cXj (._'0%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f# d\[`Xek\ F]`Z`f Ef% '();G$;;G$ ;< )+$@$',%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ c\ X[d`k\ X kiXd`k\ gifgl\jkf%$ <e Zfej\Zl\eZ`X j\ [`jgfe\ Z`kXi Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X \e \c cl^Xi j\Â&#x152;XcX[f X cX j\Â&#x152;fiX D8IK8 @J89<C D8IK@E<Q Q8G8K8# \e jl ZXc`[X[ [\ i\gi\j\ekXek\ c\^Xc [\ cX ZfdgXÂ&#x152;Â&#x2C6;X K<=CFE<J >FEQ8C<Q P D8IK@E<Q# X ]`e [\ hl\ gX^l\ cf X[\l[X[f f gifgfe^X \oZ\gZ`fe\j [\ekif [\c k\id`ef c\^Xc [\ ki\j [Â&#x2C6;Xj%$ Gfi J\Zi\kXi`X [\j^cÂ?j\j\ cX [fZl$ d\ekXZ`Â?e X[alekX [\aXe[f Zfg`Xj p i\Z`Yf \e Xlkfj# \ekiÂ&#x201E;^l\j\ Xc ;i% Afi^\ <[lXi[f <jkÂ&#x201E;m\q%$ KÂ?d\j\ \e

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A ACEPROMET ACEROS PROCESOS Y METALMECANICA CIA. LTDA. La compaùía ACEPROMET ACEROS PROCESOS Y METALMECANICA CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo SĂŠptimo del Distrito Metropolitano de Quito, el 06 de Julio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.003153 de 18 de Julio de 2011.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

2.- CAPITAL: Suscrito US$ 5.000,00 NĂşmero de Participaciones 5.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: A) PRODUCCIĂ&#x201C;N, FABRICACIĂ&#x201C;N, COMPRA, VENTA, IMPORTACIĂ&#x201C;N, EXPORTACIĂ&#x201C;N, COMERCIALIZACIĂ&#x201C;N, REPRESENTACIĂ&#x201C;N, SUMINISTRO, ALQUILER Y DISTRIBUCIĂ&#x201C;N DE TODO TIPO DE: EQUIPO, HERRAMIENTAS Y MAQUINARIA PARA LA INDUSTRIA...

Zl\ekX cX ZlXekÂ&#x2C6;X p ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c ZfdgXi\Z`\ek\ gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :Ă K<J< P EFK@=@HL<J<%$ = ;i% I\peXc[f =cfi 8cmXiX[f$Al\q Jlgc\ek\ j`^l\ cX efk`]`ZXZ`Â?e % ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j + [\ alc`f [\c )'((# cXj (._)0%$ M`jkX cX iXqÂ?e [\ cX F]`Z`eX [\ :`kXZ`fe\j p \e dÂ&#x201E;i`kf [\c aliXd\ekf i\e[`[f gfi \c 8Zkfi jfYi\ cX `dgfj`Y`c`$ [X[ [\ [Xi Zfe \c [fd`Z`c`f [\ CX ZfdgXÂ&#x152;Â&#x2C6;X K<=CFE<J >FEQ8C<Q P D8IK@E<Q J%8%# \e cX g\ijfeX [\ jl i\gi\j\ekXek\ c\^Xc DXik_X @jXY\c DXikÂ&#x2C6;e\q QXgXkX# j\ [`jgfe\ Z`kXicfj gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e eXZ`feXc# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f$Al\q Jlgc\ek\ j`^l\ cX efk`]`ZXZ`Â?e % Cf hl\ gfe^f X jl ZfefZ`d`\ekf# gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j%$ :\ik`]`Zf% JiX% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp le j\ccf 8%:%&/'.+'

FI;@E8I@FJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 QF@C8 C@M@8 M8JHL<Q K8G@8# p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c j\Â&#x152;fi =CFI<E:@F E<GK8C@ M8C<E:@8 G8I<;<J# ;< C8 ;<D8E;8 FI;@E8I@8 HL< J@>L< <E JL :FEKI8 AFJ< 8EKFE@F D8@>L8 ;< C8 KFII< p :898J:8E>F Q8D9I8EF D8I@8 D<I:<;<J 8:KFI<J1 AFJ< 8EKFE@F D8@>L8 ;< C8 KFII< p :898J:8E>F Q8D9I8EF D8I@8 D<I:<;<J ;<D8E;8;FJ1 QF@C8 C@M@8 M8JHL<Q K8G@8 p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c j\Â&#x152;fi =CFI<E:@F E<GK8C@ M8C<E:@8 G8I<;<J KI8D@K<1 FI;@E8I@F 8 J L E KF 1 G I < J : I @ G : @ ä E <OKI8FI;@E8I@8 ;< ;FD@E@F% AL@:@F Ef% ',*-$)'(($DJ% :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% (/-0 [\c 8Y% 8e^\c =`cdXe JXiXe^f AldYf GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (* [\ ale`f [\c )'((# cXj (+_*.%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX

I_ i[ c[ Yedi_Z[hW kd c_je" [i kd cÂ&#x192;h_je Z[ bei ;ijWZei Kd_Zei$ <?:;B 97IJHE

gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% <e Zfej\Zl\eZ`X ZÂ?iiXj\ kiXjcX[f Zfe cX d`jdX X cfj [\dXe[X[fj j\Â&#x152;fi\j QF@C8 C@M@8 M8JHL<Q K8G@8# p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c j\Â&#x152;fi =CFI<E:@F E<GK8CĂ M<C<E:@8 G8I<;<J# gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj# Zfe Xg\iZ`Y`d`\ekf [\ cXj gXi$ k\j \e i\Y\c[Â&#x2C6;X% @ejZiÂ&#x2C6;YXj\ cX [\dXe$ [X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e# [\ Zfe]fid`[X[ X cf [`j$ gl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :lÂ&#x201E;ek\j\ \e cX gi\j\ek\ ZXljX Zfe \c j\Â&#x152;fi 8cZXc[\ [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf p Zfe \c j\Â&#x152;fi GifZliX[fi JÂ&#x2C6;e[`Zf Dle`Z`gXc% ;\ Zfe]fid`[X[ X cf [`j$ gl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p Xc aliXd\ekf i\e[`[f ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj j\Â&#x152;fi\j QF@C8 C@M@8 M8JHL<Q K8G@8# p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c j\Â&#x152;fi =CFI<E:@F E<GK8CĂ M<C<E:@8 G8I<;<J# gfi cX gi\ejX \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\j\ cX [fZld\ekX$ Z`Â?e XZfdgXÂ&#x152;X[X%$ Efk`]Â&#x2C6;hl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`Â&#x152;f%$ AL<Q%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`$ ^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'./-&k]

ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C 8C J<zFI D@>L<C 8C9<IKF 8I@8J CF8@Q8# :FE C8 ;<D8E;8 FI;@E8I@8 HL< J@>L< <E JL :FEKI8 <C ;I% =I8EBC@E D8I:<CF JFCäIQ8EF G<z8=@<C# <E JL :8C@;8; ;<

CONVOCATORIA A JUNTA EXTRAORDINARIA DE ACCIONISTAS DE LA SOCIEDAD CIVIL RESONANCIA MAGNĂ&#x2030;TICA QUITO S.C.A. De conformidad con la Ley de Compaùías y el Estatuto Social de la sociedad se convoca a los seĂąores accionistas de RESONANCIA MAGNĂ&#x2030;TICA QUITO S.C.A., a la Junta General Extraordinaria de Accionistas que se llevarĂĄ a efecto el dĂ­a miĂŠrcoles 3 de Agosto de 2011, a las 12H30, en las oficinas de la sociedad ubicadas en la calle RamĂ­rez DĂĄvalos 264 y PĂĄez de la ciudad de Quito, para conocer y resolver sobre los siguientes puntos del Orden del DĂ­a: 1.

2.

3.

4.

5.

Conocer y resolver sobre la renuncia del seĂąor Dr. Francisco LĂłpez al cargo de Gerente General de la sociedad.

Conocer y resolver sobre la renuncia del Dr. Leonardo Malo, al cargo de Presidente Ejecutivo.

Conocer y resolver sobre la designaciĂłn de Gerente General y Presidente Ejecutivo de la sociedad.

Conocer y resolver sobre la situaciĂłn actual del equipo de Resonancia MagnĂŠtica.

Conocer y resolver sobre un Aumento de Capital de la sociedad a fin de adquirir un nuevo equipo de Resonancia MagnĂŠtica, aprobar los mecanismos para realizar dicho incremento de capital y, respecto de la reforma del Estatuto Social consiguiente.

Se convoca especial e individualmente al Comisario: Dr. Juan Figueroa G., con la finalidad de que comparezcan a la indicada Junta General de Accionistas, independientemente que se les ha convocado mediante nota escrita.

Quito, 18 de Julio de 2011.

Quito, 20 de julio de 2011.

Dr. RomĂĄn Barros FarfĂĄn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS SUBROGANTE AR/83801/cc

DR. LEONARDO MALO B. PRESIDENTE EJECUTIVO AR/83806/cc

GIF:LI8;FI AL;@:@8C ;< C8 :FDG8zĂ 8 HLĂ D@:8 @E;LJKI@8C DFEK8CMF 8>L@C8I HL@D8J8 J%8% 8:KFI% ;i% =iXebcÂ&#x2C6;e DXiZ\cf JfcÂ?iqXef G\Â&#x152;X]`\c# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\ cX :fdgXÂ&#x152;Â&#x2C6;X HlÂ&#x2C6;d`ZX @e[ljki`Xc DfekXcmf 8^l`cXi Hl`dXjX J% 8 ;<D8E;8;F%$ D`^l\c 8cY\ikf 8i`Xj CfX`qX AL@:@F%$ Fi[`eXi`f KI8D@K<%$ Fi[`eXi`f :L8EK@8% @e[\k\id`eX[X F9A<KF ;< C8 ;<D8E;8%$ :fYif [\ Z_\hl\j :8LJ8 Ef% )'(($ '-/( <;>8I GIF8zF GIFM@;<E:@8%$ ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 HL@KF# al\m\j 0 [\ ale`f [\ )'((# cXj ((_**%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`$ j`kfj [\ c\p%$ <e Zfej\Zl\eZ`X j\ XZ\gkX \c ki}d`k\ M\iYXc JldXi`f% <e dÂ&#x201E;i`kf [\c aliXd\ekf i\Xc`qX[f gfi \c XZkfi \e \c hl\ dXe`]`\jkX cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\c [\dXe[X[f# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f# ZÂ&#x2C6;k\j\ Xc j\Â&#x152;fi D@>L<C 8C9<IKF 8I@8J CF8@Q8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj XZfdgXÂ&#x152;X[fj% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX$ [f%$ EFK@=@HL<J<%$ ] ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`i$ k`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZXZ`fe\j hl\ c\j Zfii\jgfe[X%$ ;i% DXel\c 8dÂ?e D\[`eX J<:I<K8I@F ;<C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'.//

ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 :8ICFJ :8Q8 KF8G8EK8 p CL@J 8C=I<;F :8E>F JL:LELK8 AL@:@F1 K<I:<I@8 Ef% ,//$)''0$8%G%E% 8:KFI1 CL@J 9PIFE KFIF CCF8P ;<D8E;8;F1 :8ICFJ :8Q8 KF8G8EK8 p CL@J 8C=I<;F :8E>F JL:LELK8 KI8D@K<1 FI;@E8I@F :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 HL< <E J<EK<E:@8 J< ;<A< J@E <=<:KF C8 FI;<E ;< <D98I>F P GIF?@9@:@FE ;< <E8A<E8I ;<C 8LKFDFKFI ?@EF# ;< GC8:8J GM<',00 ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (/ [\ DXpf [\c )''0# cXj ('_)*%$ M@JKFJ%$ 8c _XY\id\ Zfii\jgfe[`[f \e Jfik\f# XmfZf ZfefZ`d`\ekf \e cX gi\j\ek\ ZXljX%$ <e cf gi`eZ`gXc# cX [\dXe[X ]fidlcX[X p [fZld\ekXZ`Â?e gi\$ j\ekX[X \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ fi[`eXi`f# \e Zfej\Zl\eZ`X ZÂ&#x2C6;k\j\ Zfe cX Zfg`X [\ cX d`jdX X cfj [\dXe[X[fj1 :8ICFJ :8Q8 KF8G8EK8 P CL@J 8C=I<;F :8E>F JL:LE8K8# \e cfj [fd`Z`c`fj j\Â&#x152;XcX[fj# X ]`e [\ hl\ cX Zfek\jk\e \e \c k\id`ef [\ hl`eZ\ [Â&#x2C6;Xj# gifgfe`\e[f cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj hl\ j\ Zi\p\i\e Xj`jk`[fj YXaf gi\m\e$ Z`fe\j [\ C\p% ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c `ej$ ZiÂ&#x2C6;YXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf% 8c k\efi [\ cf [`jgl\jkf \e \c 8ik% ,'* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ cX jljg\ej`Â?e [\ cX ZXljX gi`eZ`gXc <a\Zlk`mf .)$', A:I% _XjkX hl\ j\ i\jl\cmX \jkX k\i$ Z\iÂ&#x2C6;X <oZclp\ek\ gfi Zfej`^l`\ek\ j\ dXe[X X^i\^Xi Zfg`X [\ cf XZklX[f Xc gifZ\jf `e[`ZX[f% 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF AL<Q ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j *( [\ dXpf [\c )'((# cXj (,_)/%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# :Ă K<J< X cfj [\dXe[X[fj :8ICFJ :8Q8 KF8G8EK8 p CL@J 8C=I<;F :8E>F JL:LELK8# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# gfi cX gi\ejX# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`f$ eXc# hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% 8c \]\Zkf# Zfe]`Â&#x201E;iXj\ \c

\okiXZkf i\jg\Zk`mf%$ :Ă K<J< P EFK@=Ă HL<J< = ;i% AfjÂ&#x201E; DXikÂ&#x2C6;e\q EXiXeaf% AL<Q% CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< :@KF GI<M@E@<E;FC< ;< C8 F9C@>8:@FE ;< J<z8C8I :8J@CC<IF AL;@:@8C G8I8 GFJK<I@FI<J EFK@=@:8:@FE<J ;I% <;>8I ?8IF M8C<EQL<C8 J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% ?Xp le j\ccf 8%:%&/')/+

I<D8K<J I% ;<C <% <OKI8:KF ;< I<D8K< ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 J\ gfe\ \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`$ Zf \e ^\e\iXc hl\ \e cX j\Zi\kXiÂ&#x2C6;X [\c Alq^X[f Efm\ef [\ cf :`m`c [\ G`Z_`eZ_X# \c [Â&#x2C6;X , [\ j\gk`\dYi\ ;\ )'((% ;\c XÂ&#x152;f [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj# j\ cc\mXi} X ZXYf \c i\dXk\ [\ cfj Y`\e\j dl\Yc\j ZlpXj ZXiXZk\iÂ&#x2C6;j$ k`ZXj jfe cfj j`^l`\ek\j1 9pife 8ZlÂ&#x152;X D\e[fqX# [\j`^eX[f p gfj\j`feX[f c\^Xcd\ek\ Zfdf g\i`kf# gi\j\ekf X ljk\[ \c j`^l`\ek\ `e]fid\ g\i`Z`Xc [\ i\ZfefZ`d`\ekf [\c m\_Â&#x2C6;Zlcf dXiZX ?@EF# [\ekif [\c al`Z`f [\ \dYXi^f p I\dXk\ Ef%$ (''$)''0$M># \c d`jdf hl\ \jk} Zfek\e`[f \e cfj j`^l`\ek\j kÂ&#x201E;id`efj1 8%$ @e]fid\ [\c M\_Â&#x2C6;Zlcf1 DXiZX%$ ?@EF K`gf%$MFCHL<K8 Df[\cf%$ =J(<CM; GcXZXj%$ J@E GC8:8J :cXj\%$ MFCHL<K8 :fcfi%$ 9C8E:F 8Â&#x152;f%$ )''0 Eif% Dfkfi%$ <(*:KD(*,,* Eif% :_Xj`j%$ A?;=J(<CM0OO((-++ 9%$ <jkilZkliX1 GXik\ <ok\ieX%$ <e cX gXik\ \ok\ieX \jk} Zfe cX g`ekliX \e Yl\e \jkX[f# ef j\ \m`[\eZ`X iXgfe\j e` _le$ [`d`\ekf2 Zfe clZ\j [\cXek\iXj p gfjk\i`fi\j \e Yl\e \jkX[f2 Zfe cX gXii`ccX ^lXi[XZ_fhl\j p ^lXi[X]Xe$ ^fj [\cXek\ifj p gfjk\i`fi\j \e Yl\e \jkX[f2 Zfe cX gXii`ccX [\cXek\iX \e Yl\e \jkX[f2 Zfe jlj e\ld}k`Zfj \e Yl\e \jkX[f# ZX[X lef Zfe jlj i\jg\Zk`mfj Xifj2 Zfe gcldXj [\cXe$ k\iXj2 Zfe jlj i\kifm`jfi\j2 Zfe jl gXiXYi`jXj p m\ekXeXj Zfdgc\kXj# ef \jk}e ki`jX[Xj2 Zfe cXj Z_XgXj [\ cXj gl\ikXj \e Yl\e \jkX[f2 Zfe \c YXc[\ \e Yl\e \jkX[f% J\ gfe\ \e ZfefZ`d`\ekf hl\ \e \c dfd\ekf [\ cX `ejg\ZZ`Â?e X \jkX mfchl\kX c\ ]XckXYXe mXi`Xj g`\qXj Â&#x201E;jkXj1 (' If[\cXj =;K 8CC# (' g\i$ jfeXj =J =J(B# + i\k\e\[fi\j =J(B# >?(AD# ( \a\ ]cfkXek\ =J =J(B# ( \a\ ]cfkXek\ =J =J(B# ( \a\ ]cfkXek\# ( \a\ C? =J(<# ( kfdX ]l\iqX =J(<# ( YfdYX [\ [`i\ZZ`Â?e = p le ZXYc\ [\ YXk\iÂ&#x2C6;X >;(A% GXik\ @ek\ieX%$ \e cX gXik\ `ek\ieX \jk} Zfe \c kXYc\if \e Yl\e \jkX[f# Zfe jl ^lXek\iX# Zfe jl iX[`f# \eZ\e$ [\[fi# gXcXeZX p mfcXek\ \e Yl\e \jkX[f# Zfe \c Z\i\Yif [\c m\_Â&#x2C6;Zlcf# dfhl\kXj \e Yl\e \jkX[f# kXg`Z\$ iÂ&#x2C6;X \e Yl\e \jkX[f# Z`eklife\j [\ j\^li`[X[ p jlj ZXY\qXc\j2 kXg`Z\iÂ&#x2C6;X [\ cXj gl\ikXj \e Yl\e \jkX[f# leX ZXdX \e cX gXik\ gfjk\i`fi2 ccXekX [\ \d\i^\eZ`X# Zfe ccXm\j [\ il\[Xj# Zfe _\iiXd`\ekXj# ^XkX# j`e \ok`ekfi2 Zfe i\jg\Zkf X cX `dgifekX [\c dfkfi [\c Z_Xj`j ef _Xp gifYc\dXj [\ e`e$ ^leX eXkliXc\qX p cfj [Â&#x2C6;^`kfj hl\ \jk}e \e \c m\_Â&#x2C6;Zlcf jfe cfj d`dfj hl\ \jk}e \e \c ZfekiXkf2 Zfe i\j$ g\Zkf X cf [\d}j cX mfchl\kX \jk} gi}Zk`ZXd\ek\ el\mX% B`cfd\kiXa\1 -%/+) B`cÂ?d\kifj% :%$ 8mXcÂ&#x2019;f [\c m\_Â&#x2C6;Zlcf%$ J\ \jk`dX \e LJ; ./%'''#'' J\k\ekX p fZ_f d`c ;Â?cXi\j [\ Efik\XdÂ&#x201E;i`ZX% Gfi kiXkXij\ [\c gi`d\i j\Â&#x152;XcXd`\e$ kfj \ i\Z`Y`i}e gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f# [\Y`\e[f XZfdgXÂ&#x152;Xi \c (' [\c mXcfi [\ cX f]\ikX \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j ;I% ALC@F :<J8I DLzFQ D%J%:% J<:I<K8I@F ;<C ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/',+0&k]

I% ;<C <% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< <A<:LK@MF E%$((-* Ă&#x2020; )''0 Ă&#x2020; G= J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c FE:< [\ 8>FJKF [\c [fj d`c FE:<# [\j[\ cXj ZXkfi$ Z\ _XjkX cXj [`\Z`fZ_f _fiXj \e cX J\Zi\kXiÂ&#x2C6;X [\c Alq^X[f k\e[i} cl^Xi \c i\dXk\ \e gÂ&#x2019;Yc`ZX jlYXjkX# \c Y`\e `edl\Yc\ ZlpXj ZXiXZk\iÂ&#x2C6;jk`ZXj p [\d}j \jg\Z`]`ZXZ`fe\j# jfe cXj hl\ X Zfek`elXZ`Â?e j\ [\kXccX1 (%$ @EDL<9C< JLA<KF ;< 8M8CLF%$ L9@:8:@äE1 Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Hl`kf GXiifhl`X1 <cfp 8c]Xif :Xcc\1 :Xcc\ KXe`ZlZ_` p AfXhlÂ&#x2C6;e

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ? >lk`Â&#x201E;ii\q :fealekf ?XY`kXZ`feXc Ă&#x2C6;GfikXc [\c I\Zi\fĂ&#x2030; ;\gXikXd\ekf *'. 8% )%$ @ E = I 8 < J K I L : K L I 8 <O@JK<EK<%$ Cfj j\im`Z`fj [\ `e]iX\jkilZkl$ iX \o`jk\ek\j \e \c j\Zkfi jfe cfj j`^l`\ek\j1 J<IM@:@FJ ><E<I8C<J J@ EF <e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX o I\[ ^\e\iXc [\ X^lX gfkXYc\ o I\[ [\ XcldYiX[f gÂ&#x2019;Yc`Zf o I\[ [\ k\c\]feÂ&#x2C6;X o :Xcc\j Xj]XckX[Xj p X[fhl`eX[Xj o 8Z\iXj# m\i\[Xj# Yfi[`ccfj o KiXejgfik\ gÂ&#x2019;Yc`Zf o J\Â&#x152;Xc k\c\]feÂ&#x2C6;X Z\clcXi o *%$ L9@:8:@äE JF:@F$<:FEFD@:8 ;< C8 GIFG@<;8; CX qfeX [fe[\ j\ \eZl\ekiX lY`$ ZX[f \c Y`\e `edl\Yc\ g\ik\e\Z\ X le j\Zkfi liYXef# \e \c d`jdf hl\ j\ _Xe Zfejfc`[X[f m`m`\e[Xj k`gf ZcXj\ d\[`X% <C K<II<EF%$ ;\ ]fidX `ii\^lcXi# kfgf^i}]`ZXd\ek\ j\d` `eZc`eX[f# gfi jl k`gfcf^Â&#x2C6;X \j `ek\id\[`f# jlj c`e[\ifj j\ _XccXe [\]`e`[fj# [`jgf$ e\ [\ kf[fj cfj j\im`Z`fj gÂ&#x2019;Yc`Zfj Zfdf jfe1 clq \cÂ&#x201E;Zki`ZX# XcZXekXi`$ ccX[f# cÂ&#x2C6;e\X K\c\]Â?e`ZX # Xc Efik\%$ <e leX cfe^`kl[ [\ /0#-' d\kifj# Zfe gifg`\[X[ [\ @e[ljki`Xj D\k}c`ZXj CXe]fik# Jli%$ <e leX cfe^`kl[ [\ ((+#,' d\kifj Zfe Gifg`\[X[ [\ cX j\Â&#x152;fiX 8e^\cX Dlcb`# <jk\%$ :fe hl\YiX[X j`e efdYi\% F\jk\%$ <e leX cfe^`kl[ [\ ,)#,' d\kifj# Zfe cX ZXcc\ KXe`ZlZ_` Xc `e^i\jf g\XkfeXc p m\_`ZlcXi cf i\Xc`qXe gfi \c cX[f <jk\ Zfe ZXcc\ KXe`ZlZ_` gÂ&#x2019;Yc`ZX X[fhl`eX[X p le gfikÂ?e [\ \jkilZ$ kliX [\ _`\iif p kfc _XZ`X \c :fealekf ?XY`kXZ`feXc GfikXc [\c I\Zi\f% :FEJKIL::@FE GI@E:@G8C 9CFHL< *:%$ $:`d`\ekfj [\ g`\[iX Zfe ZX[\eX [\ _fid`^Â?e XidX[f $<jkilZkliX [\ Ycfhl\ $G`jfj [\ Z\d\ekf $GXi\[\j [\ Ycfhl\ \eclZ`[f p g`ekX[f $Gl\ikXj [\ dX[\iX $M\ekXeX [\ Xcld`e`f p m`[i`fj d`okfj% :lY`\ikX [\ cfjX k\iiXqX [fe[\ j\ _XccXe cfj j\ZX[\ifj [\ ifgX $ >iX[Xj [\ Z\d\ekf Zfe gXjX$ dXefj )%$ C@E;<IFJ P JLG<I=@:@< ;<G8IK8D<EKF *'. 8 EFIK<1 ;gkf% *'08# Gfqf [\ `cl$ d`eXZ`Â?e# :`iZ% G\XkfeXc# 8i\X [\ @cld`eXZ`Â?e# \e leX \ok\ej`Â?e [\ /#,' d\kifj JLI1 ;gkf% )', 8# *',8# \e leX \ok\ej`Â?e [\ /#,' d\kifj% <JK<1 :`iZlcXZ`Â?e G\XkfeXc# Gfqf @cld`eXZ`Â?e# ;gkf% )'/ 8# *'/8# \e leX \ok\ej`Â?e [\ ((#(' d\kifj% F<JK<1 CÂ&#x2C6;e\X [\ =}Yi`ZX# \e leX \ok\ej`Â?e [\ ((#(' d\kifj% JLG<I=@:@<1 ..#.- d) Xgifo`dX$ [Xd\ek\ JG ;<G8IK8D<EKF +'.84 ..#.- D) @E ; < G 8 I K 8 D < E K F )'.84..#.-D) *%$ C@E;<IFJ P JLG<I=@:@< J<:8;<IF (0%$ EFIK<1 J\ZX[\if (/# \e leX \ok\e$ j`Â?e [\ (#,' d\kifj% JLI1 :`iZlcXZ`Â?e G\XkfeXc# \e leX \ok\ej`Â?e [\ (#,' d\kifj% <JK<1 :`iZlcXZ`Â?e G\XkfeXc# \e leX \ok\ej`Â?e [\ )#., d\kifj% F<JK<1 Gfqf [\ @cld`eXZ`Â?e# \e leX \ok\ej`Â?e [\ )#., d\kifj% JLG<I=@:@<1 +#(* d) Xgifo`dX$ [Xd\ek\ ;<G8IK8D<EKF EF% *'. $ <jkilZkliX [\ Ycfhl\ $ GXi\[\j [\ Ycfhl\ \eclZ`[f p g`e$ kX[f `ek\i`fi p \ok\i`fid\ek\ $ G`jf [\ Z\d\ekf $Gl\ikXj [\ dX[\iX `ek\i`fid\ek\ p \ok\i`fi [\ \jkilZkliX [\ _`\iif Zfe dX[\iX $ M\ekXeXj [\ \jkilZkliX [\ Xcld`e`f Zfe m`[i`f d`okf% $ :lY`\ikX [\ cfjX 8dY`\ek\j%$ J\^Â&#x2019;e `e]fidXZ`Â?e [\ m\Z`efj [\c cl^Xi% $ Ki\j [fid`kfi`fj Zfe Zcfj\kj g`jf [\ Z\d\ekf $ JXcX Ă&#x2020; Zfd\[fi g`jf [\ YXc[fjX $ LeX ZfZ`eX ZfdgXik`[f Zfe cX g`\$ [iX [\ cXmXi g`jf [\ YXc[fjX $ Le _Xcc $ Le YXÂ&#x152;f Zfdgc\kf g`jf p gXi\[\j [\ YXc[fjX $ Le j\ZX[\if [\ ifgX Ycfhl\ +#(*d) Xgifo`dX[Xd\ek\% =`eXc`[X[1 GXiX m`m`\e[X j\ \eZl\e$ kiX [\jfZlgX[X <jkX[f [\ Zfej\imXZ`Â?e1 9l\eX 8i\X [\ ZfejkilZZ`Â?e1 ..#.-d) Xgifo`dX[Xd\ek\ 8M8CLF%$ GXiX _XZ\i \c gi\j\ek\ XmXcÂ&#x2019;f# _\ kfdX[f \e Zfej`[\iX$ Z`Â?e mXi`fj gXi}d\kifj kÂ&#x201E;Ze`Zfj ZfejkilZk`mfj# lY`ZXZ`Â?e# \c \ekfi$ ef# cf^Â&#x2C6;jk`ZX# cl^Xi\j [\ i\Zi\XZ`Â?e# \jkXYc\Z`d`\ekfj \[lZXk`mfj% M8CFI8:@FE1 ;<J:I@G:@FE JLG<I=@:@< <E D) M8CFI GFI D) KFK8C ;<G8IK8D<EKF ..#.-D) ,,'#'' +)%.-/#''

Ä&#x2020;

J<:8;<IF +#(*D) +#(* (''#'' +(*#'' KFK8C +*%(/(#'' JFE :L8I<EK8 P KI<J D@C :@<EKF F:?<EK8 P LE ;FC8I<J 8D<I@:8EFJ J\ i\Z`Y`i}e cXj gfjkliXj hl\ ZlYiX cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f XgifYX[f# gfi kiXkXij\ [\c GI@D<I j\Â&#x152;XcXd`\ekf# Xc hl\ [\Y\e XZfdgX$ Â&#x152;Xi \c [`\q gfi Z`\ekf [\ cX f]\ikX# \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ c\p%$ :<IK@=@:F% ;I% E@CF >FEQ8CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%/'*(*&

ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf hl\ \c [Â&#x2C6;X dXik\j [`\Z`jÂ&#x201E;`j [\ 8^fjkf [\c XÂ&#x152;f [fj d`c feZ\# [\ cXj ZXkfiZ\ X cXj [`\Z`fZ_f _fiXj# j\ cc\mXi} X ZXYf \e cX JXcX [\ 8l[`\eZ`Xj [\c Alq^X[f Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c i\dXk\ [\ cf j`^l`\ek\1 CX gifg`\[X[ j\ _XccX lY`ZX[X \e \jkX :`l[X[1 Hl`kf# Gifm`eZ`X1 G`Z_`eZ_X# GXiifhl`X :fkfZfccXf# J\Zkfi1 LiYXe`qXZ`Â?e :XiZ\cÂ&#x201E;e 8ckf1 M`m`\e[X [\ eld\iXZ`Â?e F\*$)-0# lY`ZX[f XZklXcd\ek\ \e cX ZXcc\1 =iXeZ`jZf :_}m\q F\*$)-0 p If[i`^f DlÂ&#x152;fq% J\Zkfi LiYXef# qfeX i\j`[\eZ`Xc C@E;<IFJ ;<C @EDL<9C< :`iZlejZi`kf [\ekif [\ cfj j`^l`\e$ k\j c`e[\ifj# Efik\1 GXjXa\ ;`\q \e /%0.d# Jli1 cfk\ FeZ\ \e 0#''d# <jk\1 cfk\ eÂ&#x2019;d\if ;fj \e ()#''d# F\jk\1 cfk\ eÂ&#x2019;d\if :lXkif \e ()#''d% CX Jlg\i]`Z`\ [\ k\ii\ef \j [\ ('.#/) d)% J<IM@:@FJ ; < @E=I8<JKIL:KLI8 CX ZXcc\ gÂ&#x2019;Yc`ZX gi`eZ`gXc Ă&#x2C6;=iXeZ`jZf :_}m\qĂ&#x2030; \j X[fhl`eX[X# \e XZ\iXj p Yfi[`ccfj [\ _fid`^Â?e j`dgc\# j` k`\e\e \c j\im`Z`f [\ XcZXekXi`ccX[f jXe`kXi`f# i\[\j [\ X^lX gfkXYc\ g\idXe\ek\# i\[ [\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX Zfe \c i\jg\Zk`mf XcldYiX[f gÂ&#x2019;Yc`Zf# i\[ [\ Zfdle`ZXZ`Â?e k\c\]Â?e`ZX% @E=I8<JKIL:KLI8 ;< J<IM@:@FJ ;<C @EDL<9C< K`\e\ cfj j\im`Z`fj [\1 8^lX GfkXYc\# I\[ \cÂ&#x201E;Zki`ZX# 8cZXekXi`ccX[f p I\[ K\c\]Â?e`ZX < J K8 ; F 8:KL8C ; < :FEJ<IM8:@FE ;<C @EDL<9C< <c Y`\e `edl\Yc\ \jkX i\gi\j\ekX$ [f gfi le cfk\ [\ k\ii\ef gcXef# [\ ]fidX i\ZkXe^lcXi Zfe le ]i\ek\ _XZ`X cX ZXcc\ gÂ&#x2019;Yc`ZX% $ M`m`\e[X [\ [fj g`jfj [\ \jkilZ$ kliX \ _fid`^Â?e XidX[f p ZlY`\ikX [\ cfjX% $ :\iiXd`\ekfj gifg`fj \e jlj c`e[\ifj hl\ ]fidXe gXik\ [\ cXj ZfejkilZZ`fe\j% $ GXk`f gfjk\i`fi [\ `cld`eXZ`Â?e q\e`$ kXc p }i\X [\ cXmXe[\iÂ&#x2C6;X p j\ZX[f $ JfYi\ ZlY`\ikX XZZ\j`Yc\ \o`jk\ le ZlXikf ^iXe[\ ?XY`kXYc\ Zfe d\jÂ?e [\ ZfZ`eX# Zfe ZlY`\ikX [\ cfjX [\ _fid`^Â?e XidX[f% K`gfcf^Â&#x2C6;X [\ cX M`m`\e[X1 $GcXekX Gi`d\i G`jf lY`ZX[X \e \c e`m\c "'%*' d# \o`jk\ le [\gXikX$ d\ekf ]fidX[X [\ ZlXkif [fid`kf$ i`fj# jXcX# Zfd\[fi# ZfZ`eX p YXÂ&#x152;f ZfdgXik`[f# }i\X [\ `cld`eXZ`Â?e Z\e`kXc cXmXe[\iÂ&#x2C6;X p j\ZX[f % 8i\X [\ ZfejkilZZ`Â?e1 /)#''d) $ GcXekX J\^le[f G`jf lY`ZX[f \e \c e`m\c " )#0' d% <o`jk\ fkif [\gXi$ kXd\ekf Zlpf XZZ\jf \j gfi ^iX[Xj \ok\ieXj [\ XjZ\ejf# [\gXikXd\ekf ]fidX[f gfi ki\j [fid`kfi`fj# [fj YXÂ&#x152;fj# jXcX# Zfd\[fi# ZfZ`eX# 8i\X [\ ZfejkilZZ`Â?e1 .+#''d)% $ JfYi\ CfjX :lY`\ikX lY`ZX[f \e \c e`m\c ",%,' d# \o`jk\ le ZlXi$ kf ^iXe[\ _XY`kXYc\ Zfe d\jÂ?e [\ ZfZ`eX# ^iX[Xj `ek\ieXj# 8i\X [\ ZfejkilZZ`Â?e1 (*#'' d) 8i\X [\ ZfejkilZZ`Â?e kfkXc1 (-/#''d) :8I8:K<I@JK@:8J ;< C8 :FEJKIL::@FE <e \jk\ `edl\Yc\ j\ \eZl\ekiX Zfejkil`[X leX m`m`\e[X [\ [fj g`jfj Zfe ZfcldeXj# m`^Xj `e]\i`fi\j# m`^Xj jlg\i`fi\j# cfjXj [\ \eki\g`jf# cfjX [\ ZlY`\ikX jfe [\ \jkilZkl$ iX [\ _fid`^Â?e# XidX[f% GXi\[\j1 dXdgl\jkfj \eclZ`[fj p g`ekX[fj `ek\i`fi p \ok\i`fi% @ejkXcXZ`fe\j \cÂ&#x201E;Zki`ZXj i\Xc`qX[Xj kfkXcd\ek\% Gl\ikX gi`eZ`gXc [\ `e^i\jf dX[\iX p d\kXc Zfe jlj i\jg\Zk`mfj Z\iif$ afj [\ j\^li`[X[% Gl\ikXj `ek\i`f$ i\j [\ dX[\iX Zfe jlj i\jg\Zk`mfj Z\iifafj [\ j\^li`[X[% M\ekXeXj [\ Xcld`e`f Zfe m`[i`fj# fkiXj [\ _`\iif Zfe m`[i`fj p gifk\ZZ`Â?e [\ _`\iif% 9XÂ&#x152;fj# `ef[fifj# cXmXdXefj# eXZ`feXc\j# `ejkXcXZ`fe\j [\ X^lX gfkXYc\# ]iÂ&#x2C6;X p ZXc`\ek\# `ejkXcXZ`f$ e\j [\ G%M%:% [\ [\jX^Â&#x2022;\# gXi\[\j# g`jfj# i\ZlY`\ikfj [\ Z\i}d`ZX%

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä&#x2021;

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ?

G`jfj i\ZlY`\ikfj [\ Z\i}d`ZX# m`epc# gXihl\k# fkiXj [\ Z\d\ekf Xc`jX[f% CX ZfZ`eX i\ZlY`\ikX [\ Z\i}d`ZX g`jfj# gXi\[\j# ]i\^X[\if [\ le gfqf [\ Xcld`e`f# d\jÂ?e [\ _fid`^Â?e i\ZlY`\ikf [\ Z\i}d`ZX% :cfj\k [\ dX[\iX% <jkX[f [\ Zfej\imXZ`Â?e [\ cX M`m`\e[X1 8Z\gkXYc\% 8M8CLF ;<C @EDL<9C< Jfe1 J\k\ekX p ki\j d`c j\k\Z`\ekfj Z`eZf [Â?cXi\j Zfe .'&('' Z\ekX$ mfj% ;\gfj`kXi`f Al[`Z`Xc Ji% FjnXc[f D`Â&#x152;f :XljX Ef% )''-$ '+,)$ CJ <A<:LK@MF CXj gfjkliXj j\ XZ\gkXi}e jfYi\ cX YXj\ [\ cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f g\i`Z`Xc# gfi kiXkXij\ [\ gi`d\i j\Â&#x152;XcXd`\ekf# [\Y`\e[f XZfdgXÂ&#x152;Xij\ \c (' [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\ \jkX Al[`ZXkliX%# Zfe]fid\ X cX C\p% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf gXiX cfj ]`e\j [\ C\p% ;I% CL@J IFE M@CC8M@:<E:@F J<:I<K8I@F < 8%:%&/')/-

8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`$ Zf \e ^\e\iXc# hl\ \e cX J\Zi\kXi`X [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\Z`fZ_f _fiXj# [\c [Â&#x2C6;X :L8KIF ;< 8>FJKF ;<C 8zF <E :LIJF )'(( # k\e[i} cl^Xi \c i\dX$ k\ [\c j`^l`\ek\ Y`\e `edl\Yc\# ZlpXj ZXiXZk\iÂ&#x2C6;jk`ZXj jfe cXj j`^l`\ek\j1 :8LJ8 Ef% *,.$)''0 ;: ;\gfj`kXi`f Al[`Z`Xc1 FjnXc[f D`Â&#x152;f% (% @;<EK@=@:8:@äE Gifg`\kXi`f [\c `edl\Yc\ :fdgXÂ&#x152;Â&#x2C6;X ;D>:FDG :fd\iZ`Xc`qX[fiX J%8% ;`i\ZZ`Â?e1 J\Zkfi :fZ_XYXdYX# ZXcc\# Afi^\ G`\[iX E$,* p ZXcc\ :\jXi M`ccXZiÂ&#x201E;j [\ efd\eZcXkliX F\$0+)# cfj j`^l`\ek\j cfk\j [\ k\ii\ef j`^eX$ [fj Zfdf cfk\ *$8# cfk\ 8#p cfk\ 9% K`gf [\ @edl\Yc\ K\ii\efj *$8# 8 p 9 hl\ ]fidX le jfcf Zl\igf# [fe[\ j\ _X `dgcXekX[f p Zfejkil`$ [f leX \[`]`ZXZ`Â?e [\ j\`j e`m\c\j GcXkX]fidXj [\ \jkilZkliX d\k}$ c`ZX p ZlY`\ikX d\k}c`ZX% )% L9@:8:@FE GFC@K@:8 8;D@E@JKI8K@M8 ;<C 9@<E @EDL<9C< :XekÂ?e1 Hl`kf Gifm`eZ`X1 G`Z_`eZ_X GXiifhl`X :fkfZfccXf J\Zkfi1 :fZ_XgXdYX <[`]`ZXZ`Â?e \e gcXkX]fidXj \e j\`j e`m\c\j *% :C8J@=@:8:@FE ;< C8 QFE8 LiYXef J` :fd\iZ`Xc J` I\j`[\eZ`Xc J` J\Zkfi`qXZ`Â?e LiYXeX DÂ&#x2019;ck`gc\ +% :8I8:K<I@JK@:8J ><E<I8C<J ;<C K<II<EF Kfgf^iX]`X1 @eZc`eX[X <jkX[f%1 9l\ef % =fidX1 @ii\^lcXi =i\ek\1 :Xcc\j Afi^\ G`\[iX p fkiX X cX ZXcc\ :\jXi M`ccXZiÂ&#x201E;j% +%(% K<II<EF Ă?I<8J P C@E;<IFJ 8ek\Z\[\ek\j1 J\^Â&#x2019;e# :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ hl\ fYiX [\ekif [\c gifZ\jf 1 Gifg`\[X[ [\ cX :fdgXÂ&#x152;Â&#x2C6;X ;D>:FDG% :fd\iZ`Xc`qX[fiX J%8% <c cfk\ Ki\j$8# [\ cX gXiifhl`X :fkfZfccXf [\ \jk\ ZXekfe# \c Cfk\ j`^eX[f Zfe cXj c\kiXj Ă&#x2C6;8Ă&#x2030; p Cfk\ Ă&#x2C6;9Ă&#x2030;# j`klX[fj \e cX gXiifhl`X [\ :_Xlg`ilq# [\ \jk\ ZXekfe# dXki`$ ZlcXj Xj`^eX[Xj :FKF:'')...(# :FKF:'')...*# :FKF:'')...+% C`e[\ifj1 Cfk\ Ki\j$8# lY`ZX[f \e cX gXiifhl`X :fkfZfccXf# Zfe leX jlg\i]`Z`\ [\ Xgifo`dX[Xd\ek\ (%'*'#'' d)# Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj2 Efik\1 )*#'' d# Zfe Hl\YiX[X j\ZX# Jli1 )*#'' d# Zfe ZXcc\ glYc`ZX% Ă&#x2C6;:\jXi 8% M`ccXZiÂ&#x201E;jĂ&#x2030; <jk\1 +0#'' d# Zfe \c cfk\ eld\if ;fj$8# [\ gifg`\[X[ [\ cX JiX% 8Â&#x2C6;[X Hl`j_g\# F\jk\1 +0#'' d# Zfe \c cfk\ :lXkif$8# [\ gifg`\[X[ [\ cX JiX% 9cXeZX IXdfj% Cfk\ Ă&#x2C6;8Ă&#x2030; lY`ZX[f \e cX ZXcc\ Afi^\ G`\[iX# eld\if d`c ki\jZ`\ekfj# gXiifhl`X :_Xlg`Zilq# ZXekfe Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# \jk\ cfk\ k`\e\ Xgifo`dX[Xd\ek\ leX jlg\i$ ]`Z`\ [\ (.%'''#'' d)# jfYi\ \jk\ Cfk\ 8 j\ \eZl\ekiX Zfejkil`[f le \[`]`Z`f [\ j\`j e`m\c\j [\efd`eX[f AldYfZ\ekif [\ Xgifo`dX[Xd\ek\ [\ (-%/()#'' d)# [\ ZfejkilZZ`Â?e# \c d`jdf hl\ Zl\ekX Zfe \hl`gfj hl\ j\ X[_`\i\e Xc `edl\Yc\ p hl\ j\ [\kXccXe X Zfek`elXZ`Â?e1 [fj ^\e\$ iX[fi\j \cÂ&#x201E;Zki`Zfj [\ *,' BM8# ZX[X lef p leX jlY\jkXZ`Â?e \cÂ&#x201E;Zki`ZX% Cfj c`e[\ifj [\c cfk\ 8# jfe cfj j`^l`\e$ k\j2 Efik\1 Zfe (/*#'' d# Zfe cX ZXcc\ j`e efdYi\ hl\ mX X cfj kXehl\j [\ X^lX gfkXYc\# Jli1 \e (,.#0' d# Zfe mXi`fj gifg`\kXi`fj# <jk\1 Zfe (''#'' d# Zfe liYXe`qXZ`Â?e \c G\[i\^Xc# p F\jk\1 Zfe (',#'' d# Zfe cfk\ 9 [\ mXi`fj gifg`\kXi`fj% Cfk\ 9# lY`ZX[f \e cX ZXcc\ Afi^\ G`\[iX# eld\if d`c ki\jZ`\ekfj# ZXe$

kfe Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# Zfe leX jlg\i]`Z`\ Xgifo`dX[X [\ (.%0'(#'' d)# Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj2 Efik\1 Zfe ().#'' d# Zfe cX ZXcc\ j`e efdYi\ hl\ cc\mX X cfj kXehl\j [\c X^lX gfkXYc\# Jli1 Zfe (),#'' d# Zfe mXi`fj gif$ g`\kXi`fj# <jk\ Zfe (('#'' d# Zfe ZXcc\ j`e efdYi\# c`d`k\ [\c YXii`f cX Glc`[X# F\jk\1 Zfe (')#'' d# Zfe cfk\ 8 [\ mXi`fj gifg`\kXi`fj% ;\ XZl\i[f Xc c\mXekXd`\ekf g@Xe`$ d\ki`Zf X[alekf Xc `e]fid\# \c }i\X kfkXc p jlj c`e[\ifj ^\e\iXc\j [\c k\ii\ef hl\ ]fidX le jfcf Zl\igf kÂ&#x201E;Ze`ZXd\ek\ jfe1 Efik\1 Zfe *)+#)' d% Zfe ZXcc\ glYc`$ ZX hl\ Zfe[lZ\ X cfj kXehl\j [\ X^lX gfkXYc\% Jli1 Zfe *'(#'' d% Zfe mXi`Xj gifg`\[X[\j gXik`ZlcXi\j p GXjXa\ [\ )*#'' d# [\ XeZ_f [\ jXc`[X f `e^i\jf Xc `ek\i`fi gfi cX ZXcc\ Ă&#x2C6;:\jXi M`ccXZiÂ&#x201E;jĂ&#x2030; <jk\1 Zfe 0,#'' d# Zfe k\ii\ef [\ gifg% gXik`ZlcXi\j# jXc`[X f `e^i\jf gfi cX ZXcc\ Afi^\ G`\[iX F\jk\1 Zfe (++#'' d# Zfe ZXcc\ glYc`ZX [\ efd\eZcXkliX dle`Z`$ gXc F\('% Jlg\i]`Z`\ [\ k\ii\ef1 *-%')/#'' d)$ -% J<IM@:@FJ ; < @E=I8<JKIL:KLI8% <c `edl\Yc\ \e \c j\Zkfi [fe[\ j\ \eZl\ekiX jlj ZXcc\j jfe 8[fhl`eX[Xj# Zfdf kXdY`Â&#x201E;e jlj ZXcc\j kiXejm\ijXc\j# XZ\iXj p Yfi[`$ ccfj [\ _fid`^Â?e j`dgc\# j` k`\e\e \c j\im`Z`f [\ XcZXekXi`ccX[f jXe`kXi`f# k`\e\ \c j\im`Z`f [\ kiXejgfik\ c`m`X$ ef# g\jX[f# i\[\j [\ X^lX gfkXYc\ g\idXe\ek\# i\[ [\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX Zfe \c i\jg\Zk`mf XcldYiX[f glYc`Zf# i\[ [\ Zfdle`ZXZ`Â?e k\c\]Â?e`ZX% -%(% :FEJKIL::@FE ;< F9I8J ;< @E=I8<JKIL:KLI8 ;<EKIF ;<C @EDL<9C< 8^lX GfkXYc\ J` k`\e\ I\[ <cÂ&#x201E;Zki`ZX J` k`\e\ 8cZXekXi`ccX[f JXe`kXi`f J` k`\e\ I\[ K\c\]Â?e`ZX J` k`\e\ -%) <EKFIEF LI98EF Jl <ekfief \j LiYXef# \e le j\Zkfi i\j`[\eZ`Xc# Zfd\iZ`Xc [\ \ek`[X[\j [\ Z\ekifj \[lZXk`mfj# \ek`[X[\j YXeZXi`Xj# gÂ&#x2019;Yc`ZXj p gi`mX[Xj# Z\e$ kifj [\ ZlckliX# gXihl\ [\ [`m\ij`f$ e\j# \ZfcÂ?^`Zf \kZ% .% <JK8;F 8:KL8C ;< :FEJ<IM8:@FE ;<C @EDL<9C< <c `edl\Yc\ `ejg\ZZ`feX[f Xc dfd\ekf [\c g\i`kXa\ j\ ZfdgifYÂ? cX \o`jk\eZ`X [\1 $<[`]`ZXZ`Â?e [\ j\`j e`m\c\j# gfi jl kfgf^iX]`X [`j\Â&#x152;X[X \e gcXkX]fidXj# [\ \jkilZkliX [\ Z`d\ekXZ`Â?e# cfj\kX [\ \eki\g`jf [\ _fid`^Â?e XidX[f# ZfcldeXj# m`^Xj [\ \eki\g`jfj# gfik`Zfj [\ \jkilZkliX d\k}c`ZX# ZlY`\ikX [\ gXe\c\j \jkilZkliXc\j Ă&#x2C6;\jk`cgXe\cĂ&#x2030;% $GcXpXj [\ GXihl\X[\ifj p GXjXa\j g\i`d\kiXc\j X[fhl`eX[fj% $FYiXj [\ `e]iX\jkilZkliX [\ i\[\j [\ XcZXekXi`ccX[f jXe`kXi`f p gcl$ m`Xc% $;fj \ekiX[Xj gi`eZ`gXc\j Zfe jlj ^Xi`kXj [\ ^lXi[`XeÂ&#x2C6;X p gl\ikXj d\k}c`ZXj# :\iiXd`\ekfj gifg`fj [\ Z`d\ekXZ`fe\j [\ _fid`^Â?e Z`Zcfg`f# dXdgfjk\iÂ&#x2C6;Xj [\ Ycfhl\# ZfcldeXj \hl`[`jkXek\j [\ _fid`$ ^Â?e XidX[f% $<hl`gXd`\ekf [\ [fj >\e\iX[fi\j \cÂ&#x201E;Zki`Zfj [\ *,' BM8 ZX[X lef# [fj KiXej]fidX[fi\j dXiZX <:L8KI8EJ [\ *,' BM8% KXYc\ifj [\ d\[`[fi\j% 8Zfd\k`[X k\c\]Â?e`ZX gXiX ('' gXi\j% $>iX[Xj \cÂ&#x201E;Zki`ZXj [\ XjZ\ejf% /% :8I8:K<I@JK@:8J ;< C8J :FEJKIL::@FE<J% Ă?i\X [\ :fejkilZZ`Â?e kfkXc [\ cX \jkilZkliX [\ ZlY`\ikX `eZc`eX[X [\ gXe\c\j \jkilZkliXc\j Ă&#x2C6;\jk`gX$ e\cĂ&#x2030;% 8i\X [\ :fejkilZZ`Â?e kfkXc1 (-%.+)#(, d)% CX k`gfcf^`X [\ cX \[`]`ZXZ`Â?e \e ZX[X e`m\c jfe1 XdY`\ek\j Xdgc`fj gXiX jl `ejkXcXZ`fe [\ jlj f]`Z`eXj# \jZX$ c\iXj# YXk\iÂ&#x2C6;Xj jXe`kXi`Xj# Yf[\^Xj# \hl`gfj p dXhl`eXi`X% CX ZfejkilZZ`Â?e ^\e\iXc XZklXcd\e$ k\ [\ cXj eXm\j \j1 <jkilZkliX [\ cX Z`d\ekXZ`Â?e# m`^Xj `e]\i`fi\j jfe [\ ?fid`^Â?e XidX$ [f# gfik`Zfj [\ \jkilZkliX d\k}c`ZX Zfe Z\iZ_Xj ]fidX[Xj Zfe g\i]`c L p Zfe Xe^lcf# Zfe leX ^iXe XckliX \e jl ZldYi\if# p XckliX d\efi \e jlj cXk\iXc\j# cX ZlY`\ikX \jkX ]fi$ dX[X gfi m`^Xj d\k}c`ZXj p Zfii\Xj d\k}c`ZXj hl\ ZXi^Xe cfj gXe\c\j \jkilZkliXc\j Ă&#x2C6;\jk`cgXe\cĂ&#x2030;% Jl g`jf \j [\ _fid`^Â?e j`dgc\ gXc\k\X[f ]`ef [\ cfjX [\ \eki\g`jf \jkX ]fidX[X \e cfj el[fj Zfe cfj gÂ?ik`Zfj cX m`^X d\k}c`ZX k`gf @# jlj e\im`fj m`^l\kXj d\k}c`ZXj \e leX jfcX [`i\ZZ`Â?e ZX[X -' Zd%# hl\ ZXi^Xe cfj gXe\c\j [\ _fid`^fe XidX[f# jfYi\ \jkX \o`jk\ leX ZXgX [\ _fid`^Â?e Zfe dXccX# [\Y`[Xd\ek\ `dg\id\XY`c`qX[X p \eclZ`[f ]`ef% DXdgfjk\iÂ&#x2C6;Xj [\ Ycfhl\ \eclZ`[f `ek\i`fi p \ok\i`fi i\mfZX[fj# k\okliX p g`ekX[fj% G`jfj i\ZlYi`d`\ekf \eclZ`[fj ]`efj# \e cX gcXkX]fidX [\ e`m\c ki\j p ZlXkif

Ĺ?

jlj g`jfj \jk}e `ejkXcX[fj i\ZlY`\i$ kfj gXiZ`Xcd\ek\ Zfe Z\i}d`ZX# cfj fkifj e`m\c\j ef k`\e\e e`e^le i\Zl$ Yi`d`\ekf# M\ekXeXj [\ Xcld`e`f# Gl\ikXj [\ Xcld`e`f Zfe m`[i`fj# Zfe jlj Z\iifafj [\ j\^li`[X[# MfcX[fj ]i`jfj [\ \jkilZkliX d\k}c`ZX# ZlY`\ikX [\ \jk`cgXi\[# Z`\cf iXjf ]Xcjf \e jl dXpfi ZXek`[X[ \e dXc \jkX[f% :}dXiXj [\ kiXej]fidXZ`Â?e \cÂ&#x201E;Zki`ZXj% JXe`kXi`fj `ef[fifj p cXmXdXefj eXZ`feXc\j k`gf \[\jX% @ejkXcXZ`fe\j JXe`kXi`Xj \e GM: jlj [\jX^Â&#x2022;\j p Zfe[lZZ`Â?e# ZXeXc\j i\Zfc\Zkfi\j [\ X^lX cclm`X k`gf Ă&#x2C6;LĂ&#x2030; p Ă&#x2C6;MĂ&#x2030;# YXaXek\j [\ GM: [\ X^lXj cclm`Xj# XZ\iXj p Yfi[`ccfj [\ _fid`^Â?e j`dgc\% GXjXa\j p \jkXZ`feXd`\ekfj X[f$ hl`eX[fj% FYiXj [\ `e]iX\jkilZkliX1 i\[\j [\ X^lX gfkXYc\# i\[ [\ XcZXe$ kXi`ccX[f# i\[ \cÂ&#x201E;Zki`ZX% <[X[ [\ cX :fejkilZZ`Â?e (. XÂ&#x152;fj Xgifo`dX[Xd\ek\% <c \jkX[f XZklXc [\ XmXeZ\ [\ Zfej$ kilZZ`Â?e p XZXYX[fj [\ \jkX \[`]`ZX$ Z`Â?e \e jlj j\`j e`m\c\j j\ \eZl\ekiX `eZfeZcljf \e mXi`fj ilYifj gXiX jl _XY`kXY`c`[X[% :\iiXd`\ekfj2 Cfj Z\iiXd`\ekfj \e jlj cX[fj hl\ cf ]fidXe \jk}e Zfejkil`[fj Xj`1 :`d\ekXZ`Â?e [\ dlifj _fid`^Â?e Z`ZcÂ?g\f# ZfcldeXj \hl`[`jkXek\j [\ _fid`^Â?e XidX[f p dXdgfjk\iÂ&#x2C6;X [\ Ycfhl\# [\ leX XckliX gifd\[`f [\ *#'' d# \e jl cX[f <jk\# \c Z\iiX$ d`\ekf j\ \eZl\ekiX ZfcXgjX[f# [\ `^lXc dXe\iX \o`jk\e lefj kiXdfj [XÂ&#x152;X[fj# ]`jliX[fj gfi Xj\ekXd`\e$ kf# \e \c cX[f [\c c`e[\if jli% 0% 8M8CLF ><E<I8C ;<C @EDL<9C< 8 cX ]\Z_X Efm`\dYi\ [\c )''0 IlYif L :Xek`[X[ Gi\Z`f L :fjkf KfkXc K\ii\ef d)2 *-%')/#''2 ,)#''2 (Ă&#x2039;/.*%+,-#'' <[`]`ZXZ`Â?e \e j\`j E`m\c\j2 d)2 (-%.+)#(,2 ))'#''2 *Ă&#x2039;/,'%-0+#,' >\e\iX[fi\j \cÂ&#x201E;Zki`Zfj [\ *,' BM82 L2 )#''2 (-%'''#''2 *)%'''#'' Ki X e j ] f i d X [ f i \ j d X i Z X <:L8KI8EJ [\ *,' BM8%2 L2 )#''2 ,%'''#''2 ('%'''#''1 >iX[Xj \cÂ&#x201E;Zki`ZXj `ejkXcX[Xj2 L2 )#''2 +,%'''#''2 0'%'''#''Ă&#x2039; :fjkf KfkXc % ,Ă&#x2039;/,-%(,'#,' Jfe1 :`eZf d`ccfe\j fZ_fZ`\ekfj Z`eZl\ekX p j\`j d`c Z`\ekf Z`eZl\ekX [Â?cXi\j Zfe ,'&('' Z\ekXmfj% ('% :I@K<I@FJ ;< M8CFI8:@FE K\e[\eZ`X [\c j\Zkfi :fd\iZ`Xc p i\j`[\eZ`Xc XckX [\ej`[X[ gfYcX$ Z`feXc GcljmXcÂ&#x2C6;X 8ckX F]\ikX & ;\dXe[X 8ckX 8jg\Zkfj Gfj`k`mfj 9l\eXj mÂ&#x2C6;Xj [\ XZZ\jf p kiXejgfik\# jl kXdXÂ&#x152;f% jl ]fidX 8jg\Zkfj e\^Xk`mfj Kfgf^iX]`X @eZc`eX[X# p \[`]`ZXZ`Â?e `eZfeZcljX <jkX[f [\ :fej\imXZ`Â?e [\ cXj Zfej$ kilZZ`fe\j 8Z\gkXYc\ :FE:CLJ@FE<J J\ X[alekX j\Zl\eZ`X ]fkf^i}]`ZX [\c `edl\Yc\ \e ^\e\iXc J\ X[alekX c\mXekXd`\ekf gcXe`dÂ&#x201E;$ ki`Zf [\c `edl\Yc\ ^\e\iXc \c d`jdf hl\ j\ \eZl\ekiX lY`ZX[f [\ekif [\c j\Zkfi LiYXef [\ :fZ_XgXdYX p hl\ _XZ\ i\]\i\eZ`X X cX [\dXe[X gcXe$ k\X[X \e \jk\ al`Z`f% <c }i\X kfkXc p jlj c`e[\ifj ^\e\iXc\j \jk}e [\kXccX[fj \e \c c`k\iXc Z`eZf [\ \jk\ `e]fid\ p jl }i\X [\ k\ii\ef \j1 *-%')/#'' d)% <e \c `ek\i`fi [\ \jkX \[`]`ZXZ`Â?e ]fidX[X [\ j\`j e`m\c\j \e Zlpf `ek\i`fi XZklXcd\ek\ j\ \eZl\ekiXe mXZÂ&#x2C6;Xj p YXaf cX Zljkf[`X p m`^`cXe$ Z`X [\ cfj ^lXi[`Xj \eZXi^X[fj [\c Zl`[X[f [\c `edl\Yc\% Jl \jkX[f [\ Zfej\imXZ`Â?e [\ cXj ZfejkilZZ`fe\j \j 8Z\gkXYc\ p jl XmXeZ\ Zfej$ kilZk`mf XZklXcd\ek\ j\ \eZl\ekiX `eZfeZcljf \e jlj XZXYX[fj gXiX jl _XY`kXY`c`[X[% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j (, [\ ale`f [\c )'((# cXj (-_,/% Gfi ef j\i gXik\ gifZ\jXc j\ [\j\Z_X cX g\k`Z`Â?e ZfejkXek\ \e \c \jZi`kf gi\$ j\ekX[f gfi OXm`\i M`e`Z`f M}jhl\q C\`mX2 J\ gi\m`\e\ X jl [\]\ejfi ;i% =\ieXe[f B`e^ $P\ifm` hl\ \e ZXjf [\ i\`eZ`[\eZ`X j\i} jXeZ`feX[f Xc k\efi [\c 8ik% )0* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% J\ i\hl`\i\ Xc J\Â&#x152;fi J\Zi\kXi`f [\c Alq^X[f gXiX hl\ gifZ\[X \e ]fidX li^\ek\ X i\^`jkiXi \e \c j`jk\dX `e]fid}k`Zf# X cfj c`k`^Xek\j Zfe]fid\ Xc dÂ&#x201E;i`kf gifZ\jXc%$ <e Xk\eZ`Â?e X cX jfc`Z`kl[ ]fidlcX[X gfi cX XZkfiX ;iX% ;`eX IfjXc\j 9Xii\ef \c , [\ dXpf [\ )'(( \ `ej`jk\eZ`X [\ / [\ ale`f [\ )'((# j\ Zfej`[\iX1 <c *( [\ dXpf [\ )'('# cX JiX% Al\qX J\^le[X [\ >XiXekÂ&#x2C6;Xj G\eXc\j [\ G`Z_`eZ_X \d`k\ Xlkf [\ jfYi\j\`d`\ekf gif$ m`j`feXc [\c gifZ\jf p [\ cfj `dgl$ kX[fj# \eki\ fkifj [\ OXm`\i M`e`Z`f M}jhl\q C\`mX# hl`\e ]`^liXYX \e cX gi\j\ek\ ZXljX Zfdf i\gi\j\ekXek\ c\^Xc [\ cX \dgi\jX [\dXe[X[X2 ZfdgXÂ&#x152;Â&#x2C6;X hl\ j` \j gXik\ gifZ\jXc gfi k\e\i cX ZXc`[X[ [\ \a\ZlkX[X \e \jkX c`k`j# gfi \o`jk`i j\ek\eZ`X \a\Zl$ kfi`X[X \e jl ZfekiX p \e ]Xj\ [\ \a\$ ZlZ`Â?e% ;`Z_X Xlkfi`[X[ i\mfZX cXj d\[`[Xj [\ ZXi}Zk\i g\ijfeXc p i\Xc hl\ g\jXe \e jl ZfekiX% 8c i\jg\Zkf [\Y\ gi\Z`jXij\ hl\ \c Y`\e fYa\kf [\ \dYXi^f \e cX gi\j\ek\ ZXljX ef \j g\ijfeXc [\c Xcl[`[f Z`l[X[Xef# hl`\e X dXpfi XYle[Xd`\ekf X \jkX ]\Z_X ef \j \c i\gi\j\ekXek\ c\^Xc [\ ;D>:FDG :FD<I:@8C@Q8;FI8 J%8% <E C@HL@;8:@FE# cX d`jdX hl\ \jk} i\gi\j\ekX[X [\j[\ \c (0 [\ \e\if [\ )'((# gfi \c ;i% DXiZf

IÂ&#x152;be bei jedjei ^Wd Yh[WZe fhe]h[iei [d [b ckdZe" fehgk[ bei b_ijei i[ ^Wd WZWfjWZe W be gk[ ^WXÂ&#x2021;W i_d d[Y[i_ZWZ Z[ _dl[djWh$ =;EH=; 8;HD7H: I>7M 8cmXi\q JXcmX[fi# C`hl`[X[fi p I\gi\j\ekXek\ C\^Xc [\ [`Z_X \dgi\jX# hl`\e ZfdgXi\Z\ X al`Z`f \c ) [\ ]\Yi\if [\ )'((% <j d\e\j$ k\i gi\Z`jXi hl\ \jkX ZXljX Z`m`c# j\ `e`Z`X \c (. [\ dXiqf [\ )''0# \d`k\ cX i\jg\Zk`mX j\ek\eZ`X \c Ji% Al\q Jlgc\ek\ 8Y% =XYi`Z`f J\^fm`X 9\kXeZflik \c (. [\ alc`f [\ )''0# X ]XckX [\ gX^f p \oZ\gZ`fe\j# gfi cf hl\ [`Z_X i\jfclZ`Â?e ZXljX \a\Zlkfi`X gfi \c D`e`jk\i`f [\ cX C\p% <j `dgfikXek\ j\Â&#x152;XcXi hl\ \jkX fYc`^XZ`Â?e Zfe$ kiXZklXc j\ \eZl\ekiX i\jgXc[X[X gfi kÂ&#x2C6;klcfj \a\Zlk`mfj# \eki\ fkifj# cX \jZi`kliX hl\ Zfek`\e\ cX GI@D<I8 ?@GFK<:8 89@<IK8 jfYi\ cfj cfk\j i\cXZ`feX[fj X ]Xmfi [\ Cl`j 8c]i\[f IfjXeÂ&#x2C6;X ;}m`cX# d`jdX hl\ \jk} `ej$ Zi`kX \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf Zfe ]\Z_X (/ [\ XYi`c [\ )''/# j`e hl\ _XjkX cX ]\Z_X \e hl\ j\ fi[\eX cX d\[`[X ZXlk\cXi# )* [\ dXiqf [\ )''0# j\ giXZk`ZX cX d`jdX \c )''0$'*$). p j\ `ejZi`Y\ \e \c I\^`jkif [\ cX Gifg`\[X[ \c *( [\ dXiqf [\ )''0 \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# j\ _XpX gi\j\ekX[f fgfj`Z`Â?e [\ e`e$ ^leX eXkliXc\qX# kXekf d}j hl\ [\ XZl\i[f X cX `e]fidXZ`Â?e [\ ^iXm}$ d\e\j Zfe]\i`[X gfi \c ]leZ`feXi`f Zfdg\k\ek\ _XjkX \c (, [\ XYi`c [\ )'((# ef ZfejkX `dg\[`d\ekf Xc^lef gXiX m`XY`c`qXi \c i\dXk\ pX [`jgl\j$ kf \e gifm`[\eZ`Xj Xek\i`fi\j# gfi kXc iXqÂ?e cX gifm`[\eZ`X Xdgc`Xkfi`X \d`k`[X gfi cX ;iX% 8e^\cX JXid`\ekf# Al\qX [\ >XiXekÂ&#x2C6;Xj G\eXc\j [\ G`Z_`eZ_X \e ]fidX \ok\dgfi}e\X Xk\ekX X ^XiXekÂ&#x2C6;Xj p gi`eZ`g`fj [\ j\^li`[X[ aliÂ&#x2C6;[`ZX p [\Y`[f gifZ\jf# kf[X m\q hl\ jl Zi`k\i`f `e`Z`Xc pX ]l\ \d`k`[f \e \c i\jg\Zk`mf Xlkf# g\if \j df[`]`ZX[f gfi leX gifm`$ [\eZ`X gfjk\i`fi# j`klXZ`Â?e hl\ ef gl\[\ jlg\igfe\ij\ jfYi\ le gif$ Z\jf hl\ ef \j [\ jl Zfdg\k\eZ`X% :fej\Zl\ek\d\ek\ gi\ZXlk\cXe[f cX \a\ZlZ`Â?e [\ cX j\ek\eZ`X ]le[X[X \e \jZi`kliXj gÂ&#x2019;Yc`ZXj [\ ZfdgiXm\ekX \ _`gfk\ZX p fkifj kÂ&#x2C6;klcfj \a\Zlk`mfj# cX d`jdX hl\ _X ZXljX[f \jkX[f p jl i\jg\Zk`mX ]Xj\ [\ \a\ZlZ`Â?e# j\ i\Z_XqXe cfj `eZ`[\ek\j \]\ZklX[fj gfi \c Ji% J\Zi\kXi`f <a\Zlk`mf [\c :FEJ<G kf[X m\q hl\ ef \j gXik\ gifZ\jXc# e` k\iZ\if g\ial[`ZX[f gfi \jkX XZZ`Â?e Z`m`c hl\ gi\Z\[\ aliÂ&#x2C6;[`ZX p gifZ\jXcd\ek\% ;\ XZl\i[f X cX eXkliXc\qX [\ cX ZXljX# \c \]\Zkf m`eZlcXek\ [\ cX j\ek\eZ`X gXiX cXj gXik\j hl\ c`k`^Xife p jl k\efi `ii\mfZXYc\# fYc`^Xe Xc alq^X[fi Xc `dg\iXk`mf [\ ZfeZcl`i cf i\jl\ckf Zfdf Xlkfi`[X[ al[`Z`Xc hl\ ]le[X$ d\ekX[X \e \c 8ik% .- eld\iXc (# [\ cX :fejk`klZ`Â?e [\Y\ ^XiXek`qXi \c [\i\Z_f hl\ gi\Zclpf gXiX cXj gXik\j% Gfi cf \ogl\jkf p fYj\imXe[f cfj gi`eZ`g`fj i\Zkfi\j [\ cXj [`jgf$ j`Z`fe\j ]le[Xd\ekXc\j Zfek\dgcX$ [fj \e cfj 8ikj% +# ,# .# (,# (/ (0# )'# ))# )*# ),# )-# )/ p )0 [\@ :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc# j\ XZ\gkX cX g\k`Z`Â?e [\ i\mfZXkfi`X \]\ZklX[X gfi cX gXik\ XZkfiX p j\ [\aX j`e \]\Zkf cX gifm`[\eZ`X \d`$ k`[X \c ) [\ dXpf [\ )'((# \e cX gXik\ hl\ j\ [`jgfe\ cX jljg\ej`Â?e k\dgfiXc [\ cX ]Xj\ [\ \a\ZlZ`fe% <e kXc m`ikl[# j\ j\Â&#x152;XcX gXiX \c [Â&#x2C6;X al\m\j ZlXkif [\ X^fjkf [\ [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ X cXj [`\Z`fZ_f _fiXj gXiX hl\ k\e^X cl^Xi \c i\dXk\ [\c Y`\e \dYXi^X[f \e cX gi\j\ek\ ZXljX# [\ XZl\i[f X cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;jk`ZXj1 LY`ZX[f \e \c J\Zkfi :fZ_XYXdYX# ZXcc\ Afi^\ G`\[iX E$,* p ZXcc\ :\jXi M`ccXZiÂ&#x201E;j [\ efd\eZcXkliX [\ F\$ 0+)# hl\ Zfdgi\e[\ cfj cfk\j [\ k\ii\ef j`^eX[fj Zfdf cfk\ *$8# cfk\ 8 p cfk\ 9% K`gf [\ @edl\Yc\ K\ii\efj *$8% 8 P 9 hl\ ]fidXe le jfcf Zl\igf# [fe[\ j\ _X `dgcXekX$ [f p Zfejkil`[f leX \[`]`ZXZ`fe [\ j\`j e`m\c\j gcXkX]fidXj [\ \jkilZkliX d\kXc`ZX p ZlY`\ikX d\k}c`ZX# L9@:8:@äE GFC@K@:8 8;D@E@JKI8K@M8 ;<C 9@<E @EDL<9C<1 :XekÂ?e1 Hl`kf2 Gifm`eZ`X1 G`Z_`eZ_X2 GXiifhl`X :fkfZfccXf# J\Zkfi :fZ_XgXdYX# <[`]`ZXZ`Â?e \e gcXkX]fidXj \e j\`j e`m\c\j *% :C8J@=@:8:@FE ;< C8 QFE8# LiYXef J`# :fd\iZ`Xc J`# I\j`[\eZ`Xc# J`# J\Zkfi`qXZ`Â?e LiYXeX DÂ&#x2019;ck`gc\% +% :8I8:K<I@JK@:8J ><E<I8C<J ;<C K<II<EF% Kfgf^iX]Â&#x2C6;X1 @eZc`eX[X <jkX[f1 9l\ef# =fidX1 @ii\^lcXi =i\ek\1 :Xcc\j Afi^\ G`\[iX p fkiX X cX ZXcc\ :\jXi M`ccXZiÂ&#x201E;j% +%( K<II<EF 8I<8J P C@E;<IFJ% 8ek\Z\[\ek\j1 J\^Â&#x2019;e# :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ hl\ fYiX [\ekif [\c gifZ\jf 1 Gifg`\[X[ [\ cX :fdgXÂ&#x152;Â&#x2C6;X ;D>:FDG% :fd\iZ`Xc`qX[fiX J%8% <c cfk\ Ki\j$8# [\ cX gXiifhl`X :fkfZfccXf [\ \jk\ ZXekfe# \c Cfk\ j`^eX[f Zfe cXj c\kiXj 8Ă&#x2030; p Cfk\ Ă&#x2C6;9Ă&#x2030;# j`klX[fj \e cX gXiifhl`X [\ :_Xlg`Zilq# [\ \jk\ ZXekfe# dXki`$ ZlcXj Xj`^eX[Xj :FKF:'')...(# :FKF:'')...*# :FKF:'')...+% C`e[\ifj1 Cfk\ Ki\j$8# lY`ZX[f \e cX gXiifhl`X :fkfZfccXf# Zfe leX

jlg\i]`Z`\ [\ Xgifo`dX[Xd\ek\ (%'*'#'' d)# Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj2 Efik\1 )*#'' d# Zfe Hl\YiX[X j\ZX# Jli1 )*#'' d# Zfe ZXcc\ glYc`ZX Ă&#x2C6;:\jXi 8% M`ccXZiÂ&#x201E;jĂ&#x2030; <jk\1 +0#'' d# Zfe \c cfk\ eld\if ;fj$8# [\ gifg`\[X[ [\ cX JiX% 8Â&#x2C6;[X Hl`j_g\# F\jk\1 +0#'' d# Zfe \c cfk\ :lXkif$8# [\ gifg`\[X[ [\ cX JiX% 9cXeZX IXdfj% Cfk\ Ă&#x2C6;8Ă&#x2030; lY`ZX[f \e cX ZXcc\ Afi^\ G`\[iX# eld\if d`c ki\jZ`\ekfj# gXiifhl`X :_Xlg`Zilq# ZXekfe Hl`kf# gifm`e$ Z`X [\ G`Z_`eZ_X# \jk\ cfk\ k`\e\ Xgifo`dX[Xd\ek\ leX jlg\i]`Z`\ [\ (.%'''%'' d)# jfYi\ \jk\ Cfk\ 8 j\ \eZl\ekiX Zfejkil`[f le \[`$ ]`Z`f [\ j\`j e`m\c\j [\efd`eX[f AldYfZ\ekif [\ Xgifo`dX[Xd\ek\ [\ (-%/()#'' d)# [\ ZfejkilZZ`Â?e# \c d`jdf hl\ Zl\ekX Zfe \hl`gfj hl\ j\ X[_`\i\e Xc `edl\Yc\ p hl\ j\ [\kXccXe X Zfek`elXZ`Â?e1 [fj ^\e\iX$ [fi\j \cÂ&#x201E;Zki`Zfj [\ *,' BM 8# ZX[X lef p leX jlY\jkXZ`Â?e \cÂ&#x201E;Zki`ZX% Cfj c`e[\ifj [\c cfk\ 8# jfe cfj j`^l`\e$ k\j2 Efik\1 Zfe (/*#'' d# Zfe cX ZXcc\ j`e efdYi\ hl\ mX X cfj kXehl\j [\ X^lX gfkXYc\# Jli1 \e (,.#0' d# Zfe mXi`fj gifg`\kXi`fj# <jk\1 Zfe (''#'' d# Zfe liYXe`qXZ`Â?e \c G\[i\^Xc# p F\jk\1 Zfe (',#'' d# Zfe cfk\ 9 [\ mXi`fj gifg`\kXi`fj2 Cfk\ 9# lY`ZX[f \e cX ZXcc\ Afi^\ G`\[iX# eld\if d`c ki\jZ`\ekfj# ZXekfe Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# Zfe leX jlg\i]`Z`\ Xgifo`dX[X [\ (.%0'(#'' d)# Z`i$ ZlejZi`kf [\ekif [\ cfj% j`^l`\ek\j c`e[\ifj2 Efik\1 Zfe ().#'' d# Zfe cX ZXcc\ j`e efdYi\ hl\ cc\mX X cfj kXe$ hl\j [\c X^lX gfkXYc\# Jli1 Zfe (),#'' d# Zfe mXi`fj gifg`\kXi`fj# <jk\ Zfe (('#'' d Zfe# ZXcc\ j`e efdYi\# c`d`k\ [\c YXii`f cX Glc`[X# F\jk\1 Zfe (')#'' d# Zfe cfk\ 8 [\ mXi`fj gifg`\kXi`fj% ;\ XZl\i[f Xc c\mXekXd`\ekf GcXe`dÂ&#x201E;ki`Zf X[ale$ kf Xc `e]fid\# \c }i\X kfkXc p jlj c`e[\ifj ^\e\iXc\j [\c k\ii\ef hl\ ]fidX le jfcf Zl\igf kÂ&#x201E;Ze`ZXd\ek\# jfe1 Efik\1 Zfe *)+#)' d% Zfe ZXcc\ gÂ&#x2019;Yc`ZX hl\ Zfe[lZ\ X cfj kXehl\j [\ X^lX gfkXYc\% Jli1 Zfe *'(#'' d% Zfe mXi`Xj gifg`\[X[\j gXik`ZlcXi\j p GXjXa\ [\ )*#'' e`# [\ XeZ_f [\ jXc`[X f `e^i\jf Xc `ek\i`fi gfi cX ZXcc\ Ă&#x2C6;:\jXi M`ccXZiÂ&#x201E;jĂ&#x2030; <jk\1 Zfe 0,#'' d# Zfe k\ii\ef [\ gifg% gXi$ k`ZlcXi\j# jXc`[X f `e^i\jf gfi cX ZXcc\ Afi^\ G`\[iX F\jk\1 Zfe (++#'' d# Zfe ZXcc\ gÂ&#x2019;Yc`ZX [\ efd\eZcXkliX dle`Z`gXc F\(F% Jlg\i]`Z`\ [\ k\ii\$ ef1 *-%')/#'' ie)%$ J<IM@:@FJ ;< @E=I8<JKIL:KLI8% <c `edl\Yc\ \e \c j\Zkfi [fe[\ j\ \eZl\ekiX jlj ZXcc\j jfe 8[fhl`eX[Xj# Zfief kXd$ Y`Â&#x201E;e jlj ZXcc\j kiXejm\ijXc\j# XZ\iXj p Yfi[`ccfj [\ _fid`^Â?e j`dgc\# j` k`\e\e \c j\im`Z`f [\ XcZXekXi`ccX$ [f jXe`kXi`f# k`\e\ \c j\im`Z`f [\ kiXejgfik\ c`m`Xef# g\jX[f# i\[\j [\ X^lX gfkXYc\ g\idXe\ek\# i\[ [\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX Zfe \c i\jg\Zk`mf XcldYiX[f gÂ&#x2019;Yc`Zf# i\[ [\ Zfdle`$ ZXZ`Â?e k\c\]Â?e`ZX%$ :FEJKIL::@FE ;< F9I8J ;< @E=I8<JKIL:KLI8 ;<EKIF ;<C @EDL<9C< 8^lX GfkXYc\ J` k`\e\# I\[ <cÂ&#x201E;Zki`ZX J` k`\e\# 8cZXekXi`ccX[f JXe`kXi`f J` k`\e\% I\[ K\c\]Â?e`ZX J` k`\e\% <EKFIEF LI98EF% Jl <ekfief \j LiYXef# \e le j\Zkfi i\j`[\eZ`Xc# Zfd\iZ`Xc [\ \ek`[X[\j [\ Z\ekifj \[lZXk`mfj# \ek`[X[\j gÂ&#x2019;Yc`ZXj p gi`$ mX[Xj# Z\ekifj [\ ZlckliX# gXihl\ [\ [`m\ij`fe\j# \Zfcf^`Zf# \kZ% <JK8;F 8:KL8C ;< :FEJ<IM8:@FE ;<C @EDL<9C<% <c `edl\Yc\ `ejg\Z$ Z`feX[f Xc dfd\ekf [\c g\i`kXa\ j\ ZfdgifYÂ? cX \o`jk\eZ`X [\1 <[`]`ZXZ`Â?e [\ j\`j e`m\c\j# gfi jl kfgf^iX]Â&#x2C6;X [`j\Â&#x152;X[X \e gcXkX]fidXj# [\ \jkilZkliX [\ Z`d\ekXZ`Â?e# cfj\kX [\ \eki\g`jf [\ _fid`^Â?e XidX[f# ZfcldeXj# m`^Xj [\ \eki\g`jfj# gfi$ k`Zfj [\ \jkilZkliX d\k}c`ZX# ZlY`\i$ kX [\ gXe\c\j \jkilZkliXc\j Ă&#x2C6;\jk`c$ gXe\@Ă&#x2030;% GcXpXj [\ GXihl\X[\ifj p GXjXa\j g\i`d\kiXc\j X[fhl`eX[fj% $FYiXj [\ `e]iX\jkilZ$ kliX [\ i\[\j [\ XcZXekXi`ccX[f jXe`$ kXi`f p gclm`Xc# $;fj \ekiX[Xj gi`eZ`$ gXc\j Zfe jlj ^Xi`kXj [\ ^lXi[`Xe`X p gl\ikXj d\k}c`ZXj# :\iiXd`\ekfj gifg`fj [\ Z`d\ekXZ`fe\j [\ _fi$ d`^Â?e Z`ZcÂ?g\f# dXdgfjk\iÂ&#x2C6;Xj [\ Ycfhl\# ZfcldeXj \hl`[`jkXek\j [\ _fid`^Â?e XidX[f% <hl`gXd`\ekf [\ [fj >\e\iX[fi\j \cÂ&#x201E;Zki`Zfj [\ *,' BM 8 ZX[X lef# [fj KiXej]fidX[fi\j dXiZX <:L8KI8EJ [\ *,' BM 8% KXYc\ifj [\ d\[`[fi\j% 8Zfd\k`[X k\c\]Â?e`ZX gXiX ('' gXi\j%$ >iX[Xj \cÂ&#x201E;Zki`ZXj [\ XjZ\ejf%$ :8I8:K<I@JK@:8J ;< C8J :FEJKIL::@FE<J1 Ă?i\X [\ :fejkilZZ`Â?e kfkXc [\ cX \jkilZkliX [\ ZlY`\ikX `eZc`eX[X [\ gXe\c\j \jkilZkliXc\j Ă&#x2C6;\jk`cgXe\cĂ&#x2030; 8i\X [\ :fejkilZZ`Â?e kfkXc1 (-%.+)#(, d)# CX k`gfcf^Â&#x2C6;X [\ cX \[`]`ZXZ`Â?e \e ZX[X e`m\c jfe1 XdY`\ek\j Xdgc`fj gXiX jl `ejkXcX$ Z`Â?e [\ jlj f]`Z`eXj# \jZXc\iXj# YXk\$ iÂ&#x2C6;Xj jXe`kXi`Xj# Yf[\^Xj# \hl`gfj p dXhl`eXi`Xj% CX ZfejkilZZ`Â?e ^\e\$ iXc XZklXcd\ek\ [\ cXj eXm\j \j1 <jkilZkliX [\ cX Z`d\ekXZ`Â?e# m`^Xj

`e]\i`fi\j jfe [\ ?fid`^Â?e XidX$ [f# gÂ?ik`Zfj [\ \jkilZkliX d\k}c`ZX Zfe Z\iZ_Xj ]fidX[Xj Zfe g\i]`c L p Zfe }e^lcf# Zfe leX ^iXe XckliX \e jl ZldYi\if# p XckliX d\efi \e jlj cXk\iXc\j# cX ZlY`\ikX \jk} ]fi$ dX[X gfi m`^Xj d\k}c`ZXj p Zfii\Xj d\k}c`ZXj hl\ ZXi^Xe cfj gXe\c\j \jkilZkliXc\j Ă&#x2C6;\jk`cgXe\cĂ&#x2030;# Jl g`jf \j [\ _fid`^Â?e j`dgc\ gXc\k\X[f ]`ef cX cfjX [\ \eki\g`jf \jk} ]fidX[X \e cfj el[fj Zfe cfj gÂ?ik`Zfj cX m`^X d\k}c`ZX k`gf (# p jlj e\im`fj m`^l\$ kXj d\k}c`ZXj \e leX jfcX [`i\ZZ`Â?e ZX[X -' Zd%# hl\ ZXi^Xe cfj gXe\$ c\j [\ _fid`^Â?e XidX[f# jfYi\ \jkX \o`jk\ leX ZXgX [\ _fid`^Â?e Zfe dXeX# [\Y`[Xd\ek\ `dg\id\XY`c`$ qX[X p \eclZ`[f ]`ef% DXdgfjk\iÂ&#x2C6;Xj [\ Ycfhl\ \eclZ`[f `ek\i`fi p \ok\$ i`fi i\mfZX[fj# k\okliX# p g`ekX[fj% G`jfj i\ZlYi`d`\ekf \eclZ`[fj ]`efj# \e cX gcXkX]fidX [\ e`m\c ki\j p ZlXkif jlj g`jfj \jk}e `ejkXcXi$ cfj p i\ZlY`\ikfj gXiZ`Xcd\ek\ Zfe Z\i}d`ZX# cfj fkifj e`m\c\j ef k`\e\e e`e^Â&#x2019;e i\ZlYi`d`\ekf% M\ekXeXj [\ Xcld`e`f# gl\ikXj [\ Xcld`e`f Zfe m`[i`fj Zfe jlj Z\iifafj [\ j\^li`$ [X[# MfcX[fj ]i`jfj [\ \jkilZkliX d\k}c`ZX# ZlY`\ikX [\ \jk`cgXe\c# Z`\cf iXjf ]Xcjf \e jl dXpfi ZXek`[X[ \e dXc \jkX[f% :}dXiXj [\ kiXej$ ]fidXZ`Â?e \cÂ&#x201E;Zki`ZXj% JXe`kXi`fj @ef[fifj p cXmXdXefj eXZ`feXc\j k`gf <[\jX% @ejkXcXZ`fe\j JXe`kXi`Xj \e GM: jlj [\jX^l\j p Zfe[lZZ`Â?e# ZXeXc\j i\Zfc\Zkfi\j [\ X^lX cclm`X k`gf Ă&#x2C6;LĂ&#x2030; p Ă&#x2C6;MĂ&#x2030;# YXaXek\j [\ GM: [\ X^lXj cclm`Xj# XZ\iXj p Yfi[`ccfj [\ _fid`^Â?e j`dgc\% GXjXa\j p \jkXZ`f$ eXd`\ekfj X[fhl`eX[fj% FYiXj [\ `e]iX\jkilZkliX1 i\[\j [\ X^lX gfkX$ Yc\# i\[ XcZXekXi`ccX[f# i\[ \cÂ&#x201E;Zki`ZX% <[X[ [\ cX :fejkilZZ`Â?e (. XÂ&#x152;fj Xgifo`dX[Xd\ek\% <c \jkX[f XZklXc [\ XmXeZ\ [\ ZfejkilZZ`Â?e p XZXYX$ [fj [\ \jkX \[`]`ZXZ`Â?e \e jlj j\`j e`m\c\j j\ \eZl\ekiX `eZfeZcljf \e mXi`fj ilYifj gXiX jl _XY`kXY`c`[X[% :\iiXd`\ekfj2 Cfj Z\iiXd`\ekfj \e jlj cX[fj hl\ cf ]fidXe \jk}e Zfejkil`[fj XjÂ&#x2C6;1 :`d\ekXZ`Â?e [\ dlifj _fid`^Â?e Z`ZcÂ?g\f# Zfcld$ eXj \hl`[`jkXek\j [\ _fid`^Â?e XidX[f p dXdgfjk\iÂ&#x2C6;X [\ Ycfhl\# [\ leX XckliX gifd\[`f [\ *#'' d# \e jl cX[f <jk\# \c Z\iiXd`\ekf j\ \eZl\ekiX ZfcXgjX[f# [\ `^lXc dXe\iX \o`jk\e lefj kiXdfj [XÂ&#x152;X$ [fj# ]`jliX[fj gfi Xj\ekXd`\ekf# \e \c cX[f [\c c`e[\if jli%$ 8M8CLF ><E<I8C ;<C @EDL<9C< 8 cX ]\Z_X Efm`\dYi\ [\c )''0# IlYif L :Xek`[X[# Gi\Z`f L# :fjkf KfkXc% K\ii\ef d) *-%')/#''#$ ,)#''%$ ( /.*%+,-#''%$ <[`]`ZXZ`Â?e \e j\`j E`m\c\j d)# (-%.+)#(,%$ ))'#''%$ *Ă&#x2039;/,'%-0+#,'% >\e\iX[fi\j \cÂ&#x201E;Zki`$ Zfj [\ *,' BM 8 L )#''2 (-%'''#''2 *)%'''#''% KiXej]fidX[fi\j dXiZX <:L8KI8EJ [\ *,' BM8%2 L2 )#''2 ,%'''#''2 ('%'''#''%$ >iX[Xj \cÂ&#x201E;Zki`ZXj `ejkXcX[Xj# L2 )#''2 +,#'''#''%$ 0'%'''#''2 :fjkf KfkXc2 ,Ă&#x2039;/,-%(,'#,'2 :I@K<I@FJ ;< M8CFI8:@FE1 K\e[\eZ`X [\c j\Zkfi :fd\iZ`Xc p i\j`[\eZ`Xc XckX [\ej`$ [X[ gfYcXZ`feXc GcljmXcÂ&#x2C6;X 8ckX F]\ikX & ;\dXe[X 8ckX 8jg\Zkfj Gfj`k`mfj 9l\eXj mÂ&#x2C6;Xj [\ XZZ\jf p kiXejgfi$ k\# jl kXdXÂ&#x152;f# jl ]fidX 8jg\Zkfj e\^Xk`mfj# Kfgf^iX]Â&#x2C6;X @eZc`eX[X# p \[`]`ZXZ`Â?e `eZfeZcljX% <jkX[f [\ :fej\imXZ`Â?e [\ cXj ZfejkilZZ`f$ e\j XZ\gkXYc\ :FE:CLJ@FE<J1 J\ X[alekX j\Zl\eZ`X ]fkf^i}]`ZX [\c `edl\Yc\ \e ^\e\iXc% J\ X[ale$ kX c\mXekXd`\ekf gcXe`dÂ&#x201E;ki`Zf [\c `edl\Yc\ ^\e\iXc \c d`jdf hl\ j\ \eZl\ekiX lY`ZX[f [\ekif [\c j\Zkfi LiYXef [\ :fZ_XgXdYX p hl\ _XZ\ i\]\i\eZ`X X cX [\dXe[X gcXek\X[X \e \jk\ AL@:@F% <c }i\X kfkXc p jlj c`e[\ifj ^\e\iXc\j \jk}e [\kXccX[fj \e \c c`k\iXc Z`eZf [\ \jk\ `e]fid\ p jl }i\X [\ k\ii\ef \j1 *-%')/#'' d)% <e \c `ek\i`fi [\ \jkX \[`]`ZXZ`Â?e ]fidX[X [\ j\`j e`m\c\j \e Zlpf `ek\i`fi XZklXcd\ek\ j\ \eZl\ekiXe mXZ`Xj p YXaf cX Zljkf[`X p m`^`cXe$ Z`X [\ cfj ^lXi[`Xj \eZXiX[fj [\c Zl`[X[f [\c `edl\Yc\% Jl \jkX[f [\ Zfej\imXZ`Â?e [\ cXj ZfejkilZZ`fe\j \j XZ\gkXYc\ p jl XmXeZ\ Zfej$ kilZk`mf XZklXcd\ek\ j\ \eZl\ekiX `eZfeZcljf \e jlj XZXYX[fj gXiX jl _XY`kXY`c`[X[% $ GXiX kXc \]\Zkf j\ [`j$ gfe\ hl\ gfi J\Zi\kXiÂ&#x2C6;X j\ \eki\^l\ X cX gXik\ XZkfiX# \c i\jg\Zk`mf 8m`jf Al[`Z`Xc# Zfe cXj gXik\j g\ik`e\ek\j# gXiX jl glYc`ZXZ`Â?e \e cX gi\ejX# \e lef [\ cfj [`Xi`fj cfZXc\j [\ dXpfi Z`iZlcXZ`Â?e# XjÂ&#x2C6; Zfdf# j\ ]`a\ cfj ZXik\c\j [\ C\p \e ki\j [\ cfj gXiX$ a\j dXj ]i\Zl\ekX[fj [\ cX =leZ`Â?e Al[`Z`Xc [\ Hl`kf% J\ XZ\gkXiXe gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\$ iXj gXik\j [\c XmXcÂ&#x2019;f XgifYX[f hl\ XjZ`\e[\ X LJ; ,Ă&#x2039;/,-%(,'#,' :@E:F D@CCFE<J F:?F:@<EKFJ :@E:L<EK8 P J<@J D@C :@<EKF :@E:L<EK8 ;äC8I<J :FE :@E:L<EK8 :<EK8MFJ# [\Y`\e[f \c f]\i\ek\ X[alekXi \c [`\q gfi Z`\ekf [\ jl f]\ikX \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Alq^X[f% Efk`]`hl\j\ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc glYc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:/')/)&k]

I<GL9C@:8 ;<C <:L8;FI 8M@JF AL;@:@8C ;< I<D8K< ALQ>8;F :L8IKF ;< >8I8EK@8J

G<E8C<J ;< G@:?@E:?8 I\]\i\eZ`X% AL@:@F ;< ;8zFJ P G<IAL@:@FJ EÂ&#x2014; ().$)'') J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c [Â&#x2C6;X )) [\ 8^fjkf [\c )'((# X gXik`i [\ cXj (,_'' X (/_'' \e cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX# j\ gifZ\[\i} Xc i\dXk\ [\c :@E:L<EK8 GFI :@<EKF ;< ;<I<:?FJ P 8::@FE<J [\c Y`\e `edl\Yc\ \dYXi^X[f# d`jdf hl\ j\ [\kXccX X Zfek`elXZ`Â?e1 EFIK<1 :fe k\ii\ef [\ :\jXi ?Xif2 JLI1 :fe k\ii\ef [\ cX ?XZ`\e[X Hl\YiX[X Xc D\[`f2 <JK<1 :fe k\ii\efj [\ cX _XZ`\e$ [X2 p# F<JK<1 :fe k\ii\efj [\ I`ZXi[f KfXgXekX% :8I8 :K<I@JK@:8J ><E<I8C<J ;<C K<II<EF1 KFGF>I8=@81 Jl\cf [\ g\e[`\ek\j eXkliXc\j gifeleZ`X[Xj# @E=FID8:cäE 98J@:81 Gi\[`f Zfe j\im`Z`f [\ X^lX [\ i`\^f# J<:KFI1 IliXc# LJF ;<C JL<CF1 8^iÂ&#x2C6;ZfcX# ^XeX$ [\if# :<II8D@<EKFJ1 Z\iZXj m`mXj JLG<I=@:@< KFK8C1 J\`j _\Zk}i\Xj Zfe fZ_f d`c d\kifj ZlX[iX[fj% Cf hl\ Zfii\jgfe[\ Xc ,' [\ [\i\$ Z_fj p XZZ`fe\j Zfejk`klp\ leX }i\X kfkXc [\ ki\j _\Zk}i\Xj Zfe ZlXkif d`c d\kifj ZlX[iX[fj% L9@:8:@äE% GXiifhl`X G`ekX^# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% 8M8CLF G<I@:@8C1 FE:< D@C HL@E@<EKFJ J<J<EK8 ;äC8I<J :FE ''&(''% :fdf j\ kiXkX [\c ,' [\ [\i\Z_fj p XZZ`f$ e\j [X leX jldX kfkXc [\ :@E:F D@C J<K<:@<EKFJ F:?<EK8% ?}^Xj\ jXY\i Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf p ]Â&#x2C6;a\j\ cfj ZXik\c\j i\jg\Zk`mfj \e ki\j [\ cfj gXiXa\j d}j ]i\Zl\e$ kX[fj [\ cX ZXY\Z\iX [\ cX GXiifhl`X \e hl\ \jkX j`klX[f \c Y`\e# XZfi[\ Zfe cf hl\ [\k\id`eX \c Xik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% ;i% M`Z\ek\ 8ckXd`iXef A}Zfd\% AL<Q ;i% AfjÂ&#x201E; 9fe`c@X CXdXj% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/',//&k]

ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C# HL< <C ;Ă 8 FE:< ;< 8>FJKF ;<C 8zF <E :LIJF# ;<J;< C8J :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J# <E C8 J<:I<K8I@8 ;< <JK8 AL;@:8KLI8 J< <=<:KL8I8 <C I<D8K< ;<C :@E:L<EK8 GFI :@<EKF ;< CFJ ;<I<:?FJ P 8::@FE<J =@E:8;FJ <E C8 EL;8 GIFG@<;8; ;<C 9@<E @EDL<9C<# :LP8J :8I8:K<I@JK@:8J 8 :FEK@EL8:@äE J< ;<K8CC8E 9%$ C`e[\ifj p jlg\i]`Z`\ [\c k\ii\$ ef1 JLI<JK<1 :fe ZXcc\ 8# 9fiaX% EFI<JK<1 cfk\ Ef%$ *,0/% EFIF<JK<1 cfk\ Ef%$ *,0,% JLIF<JK<1 cfk\ Ef%$ *,0+ Jlg\i]`Z`\ kfkXc [\c k\ii\ef1 :`\ekf j\k\ekX p ki\j d\kifj ZlX[iX[fj% :%$ @e]iX\jkilZkliX liYXeX p j\im`Z`fj Y}j`Zfj1 <jkX gifg`\[X[ [`jgfe\ [\ j\im`Z`f [\ `e]iX\jkilZkliX Y}j`ZX# Zfdf j\im`Z`fj [\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX p X^lX gfkXYc\# XcZXekXi`ccX[f# cÂ&#x2C6;e\Xj k\c\]Â?e`ZXj# k`\e\ Yfi[`ccfj p m\i\$ [Xj# cX ZXcc\ gi`eZ`gXc# j\im`Z`f [\ i\Zfc\ZZ`Â?e [\ YXjliX# k`\e\ j\im`Z`f [\ kiXejgfik\ gÂ&#x2019;Yc`Zf# \kZ% ;%$ Ljf [\c jl\cf1 <c ljf \oZclj`mf \j gXiX m`m`\e[X% <%$ ;\jZi`gZ`Â?e [\c k\ii\ef p cXj ZfejkilZZ`fe\j `ek\ieXj1 CX gifg`\$ [X[ k`\e\ le k\ii\ef ^iXe[\# \e Zlpf `ek\i`fi _Xp leX ZfejkilZZ`Â?e gi`eZ`$ gXc \e ]fidX [\ C# leX ZfejkilZZ`Â?e [\ le jfcf g`jf Zfe gifp\ZZ`Â?e Xc j\^le[f g`jf# m\ekXeXj [\ _`\iif Zfe gifk\ZZ`Â?e# \e \c ]fe[f leX ZfejkilZZ`Â?e [\ cX[i`ccf# m\ekXeXj Zfe dXiZfj [\ _`\iif ]fiaX[f p gif$ k\ZZ`Â?e# cX gl\ikX gi`eZ`gXc k`\e\ \j [\ _`\iif ]fiaX[f p dX[\iX hl\ j`im\ gXiX \ekiX[X [\ g\ijfeXj p ^XiXa\2 \c k\Z_f \j [\ \k\ie`k2 k`\e\ leX cXmXe$ [\iÂ&#x2C6;X# gXk`f [\ Z\d\ekf# Zfe gXi\[\j \eclZ`[Xj# gl\ikXj [\ dX[\iX% =%$ Gif^iXdX ]leZ`feXc% <c k\ii\ef k`\e\ le Z\iiXd`\ekf [\ Ycfhl\ p Z\d\ekf# cX gl\ikX gi`e$ Z`gXc \j [\ _`\iif ]fiaX[f [\ Zfcfi e\^if% CX gifg`\[X[ k`\e\ le gXk`f ^iXe[\ [\ Z\d\ekf% ?Xp leX ZXjX Zfe gXi\[\j `ek\ieXj p \ok\ieXj \eclZ`[Xj p k\Z_f [\ q`e^% <jkX ZXjX k`\e\ m\ekXeXj [\ m`[i`f# YXiXe[Xj [\ _`\iif ]fiaX[f# <jkX ZXjX k`\e\ `cld`eXZ`Â?e# kfdXj [\ Zfii`\ek\# d\[`[fi [\ X^lX# d\[`[fi [\ clq% <e cX gXik\ `ek\ieX k`\e\ ZlXikfj# jXcX# Zfd\[fi# ZfZ`eX% <e cX gXik\ \ok\ieX j\ \eZl\ekiX cX g`\[iX [\ cXmXi p \c gXihl\X[\if [\ Z\d\ekf <e cX gXik\ \ok\ieX j\ fYj\imXe ^iX[Xj hl\ j`im\e gXiX jlY`i X cX k\iiXqX% CX gXik\ \ok\ieX \jk} \eclZ`[X p ef \jk} g`ekX[X% <e cX gXik\ jlg\i`fi [\ \jkX ZXjX k`\e\ le Z\iiXd`\ekf g\hl\Â&#x152;f [\ cX[i`ccfj hl\ ef \jk}e \eclZ`[fj >% GfiZ\ekXa\j p gcljmXcÂ&#x2C6;X1 J\^Â&#x2019;e cX

gcljmXcÂ&#x2C6;X [\c j\Zkfi# \c Zfkfj Xgifo`$ dX[f [\c d\kif ZlX[iX[f \j [\ (,' [Â?cXi\j% ?% 8mXcÂ&#x2019;f [\c @edl\Yc\ @edl\Yc\2 Jlg\i]`Z`\2 8mXcÂ&#x2019;f K\ii\ef2 (-*%'' d\kifj ZlX[iX[fj2 )+%+,'#''LJ; MXcfi KfkXc [\c k\ii\ef p cX Zfej$ kilZZ`Â?e `ek\ieX1 )+%+,'#ff LJ; M<@EK< P :L8KIF D@C :L8KIF:@<EKFJ :@E:L<EK8 ;FC8I<J 8D<I@:8EFJ @% 8mXcÂ&#x2019;f [\c Z`eZl\ekX gfi Z`\ekf [\c k\ii\ef1 KfdXe[f \e Zl\ekX hl\ \c mXcfi kfkXc [\ cX ZXjX p k\ii\ef \j [\ m\`ek\ p ZlXkif d`c ZlXkifZ`\e$ kfj Z`eZl\ekX [Â?cXi\j Xd\i`ZXefj2 j\ kfdf \e Zl\ekX hl\ \c m\`ek\ p Z`eZf gfi Z`\ekf [\ cfj [\i\Z_fj p XZZ`fe\j cfj ZlXc\j jXc`\ife le kfkXc [\ ()%)),#ff LJ; ;F:< D@C ;FJ:@<EKFJ M<@EK< P :@E:F ;FC8I<J 8D<I@:8EFJ % MXcfi KfkXc [\c Z`eZl\ekX gfi Z`\e$ kfj [\ [\i\Z_fj p XZZ`fe\j [\c k\ii\ef p cX ZfejkilZZ`Â?e `ek\ieX \j [\1 ()%)),#ff LJ; ;F:< D@C ;FJ:@<EKFJ M<@EK< P :@E:F ;FC8I<J 8D<I@:8EFJ % Gfi kiXkXij\ [\c gi`d\i j\Â&#x152;XcXd`\e$ kf# j\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe gfi cfj d\efj cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f# XZfdgXÂ&#x152;Xe[f \c [`\q gfi Z`\ekf [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Z$ k`mf f Z_\hl\ Z\ik`]`ZX[f X fi[\e [\ \jkX Al[`ZXkliX% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ;<C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'*-,&k]

ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< AL@:@F <JG<:@8C Ef% )''0$'-0+$ A%K% J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ gXiX \c [Â&#x2C6;X (0 ;< 8>FJKF ;<C )'((# [\j[\ cXj (+_'' _XjkX cXj (/_''# \e cX J\Zi\kXiÂ&#x2C6;X [\ \jkX Al[`ZXkliX j\ cc\mXi} X ZXYf \c I<D8K< ;<C M<?@:LCF ZlpXj ZXiXZk\iÂ&#x2C6;jk`ZXj j\ [\kXccXe X Zfe$ k`elXZ`Â?e1 $;<J:I@G:@FE ;<C M<?@:LCF D8I:81 D8Q;8 K@GF1 8CC<>IF ?8K:?98:B GC8:8J1 G@J$.(. :FCFI 8:KL8C1 IFAF <JK8;F1 9L<E Ef% DFKFI1 QD--//*/ E f% : ? 8 J @ J 1 /C<9?('D)+D'''*,* 8E8C@J@J M@JL8C ;< C8 G8IK< <OK<IE8 ;<C M<?@:LCF K<I:@F 8EK<I@FI ;<J:I@G:@FE :8EK@;8; P <JK8;F =8IFJ ) 9l\e <jkX[f 8CF><EFJ ) 9l\e <jkX[f ;@I<::@FE8C<J ) 9l\e <jkX[f >L8I;8:?FHL< ( 9l\e <jkX[f :8GFK ( 9l\e <jkX[f G8I89I@Q8J ( 9l\e <jkX[f C@DG@8 G8I89I@J8J ) 9l\e <jkX[f 8EK<E8 ( 9l\e <jkX[f G@EKLI8 I\^lcXi <jkX[f C8D@E8 ;<DFJKI8K@M8 Ef% ( :FJK8;F ;<I<:?F ;<J:I@G:@FE :8EK@;8; P <JK8;F >L8I;8=8E>F 8EK<I@FI ( 9l\e <jkX[f GL<IK8J ) 9l\e <jkX[f M@;I@FJ * 9l\e <jkX[f >L8I;8=8E>F GFJK<I@FI ( 9l\e <jkX[f K<:?F ( 9l\e <jkX[f G@EKLI8 I\^lcXi <jkX[f E<LD8K@:FJ ) I\^lcXi <jkX[f 8IFJ ;< D8>E<:@F ) I\^lcXi <jkX[f <JG<AF I<KIFM@JFI ( 9l\e <jkX[f D8EL9I@FJ ) 9l\e <jkX[f J<>LI@;8; ;< C8 GL<IK8 ( 9l\e <jkX[f C8D@E8 ;<DFJKI8K@M8 Ef% ( K<I:@F GFJK<I@FI ;<J:I@G:@FE :8EK@;8; P <JK8;F =8IFJ ) 9l\e <jkX[f ;@I<::@FE8C<J ) 9l\e <jkX[f >L8I;8:?FHL< ( 9l\e <jkX[f GL<IK8 GFJK<I@FI :8AL<C8 ( 9l\e <jkX[f G8I89I@Q8J ( 9l\e <jkX[f C@DG@8 G8I89I@Q8J ( 9l\e <jkX[f CC8EK8 ;< <D<I><E:@8 ( I\^lcXi <jkX[f ?<II8D@<EK8J >8K8 ( 9l\e <jkX[f C8D@E8 ;<DFJKI8K@M8 Ef% ( :FJK8;F @QHL@<I;F ;<J:I@G:@FE :8EK@;8; P <JK8;F >L8I;8=8E>F 8EK<I@FI ( 9l\e <jkX[f GL<IK8J ) 9l\e <jkX[f M@;I@FJ * 9l\e <jkX[f >L8I;8=8E>F GFJK<I@FI ( 9l\e <jkX[f K<:?F ( 9l\e <jkX[f G@EKLI8 I\^lcXi <jkX[f E<LD8K@:FJ ) 9l\e <jkX[f 8IFJ ;< D8>E<:@F ) 9l\e <jkX[f <JG<AF I<KIFM@JFI ( 9l\e <jkX[f D8EL9I@FJ ) 9l\e <jkX[f J<>LI@;8; ;< C8 GL<IK8 ( 9l\e <jkX[f M<I C8D@E8 ;<DFJKI8K@M8 Ef% ( 8E8C@J@J M@JL8C ;< C8 G8IK< @EK<IE8 ;<C M<?@:LCF

;<J:I@G:@FE :8EK@;8; P <JK8;F G8E<C ;< @EJKILD<EKFJ ( 9l\e <jkX[f MFC8EK< ( 9l\e <jkX[f I8;@F ( 9l\e <jkX[f D<DFI@8 ;< I8;@F Ef Xgc`ZX <JG<AF I<KIFM@JFI @EK<IEF ( 9l\e <jkX[f =F:F ;< J8CFE ( 9l\e <jkX[f :FEJFC8 ( 9l\e <jkX[f <E:<E;<;FI ;< :@>8II@CCFJ Ef Xgc`ZX G8C8E:8 ;< :8D9@FJ ( 9l\e <jkX[f G<;8C<J * 9l\e <jkX[f 8J@<EKFJ * 9l\e <jkX[f lef Ki`$G\ijfeXc :89<Q8C<J ;< 8J@<EKFJ + 9l\e <jkX[f K<:?F ( 9l\e <jkX[f G@JF ( 9l\e <jkX[f K8G@Q8;F ( 9l\e <jkX[f :@EKLIFE<J + 9l\e <jkX[f DFHL<K8J + 9l\e <jkX[f M<I C8D@E8 ;<DFJKI8K@M8 Ef% ( Ă&#x2C6;HL< <C M<?@:LCF D8Q;8# K@GF 8CC<>IF ?8K:?98:B# :FCFI IFAF# ;< GC8:8J G@J$ .(.# J< <E:L<EKI8 <E 9L<E <JK8;F ;< :FEJ<IM8:@FE P =LE:@FE8D@<EKF P J< <E:L<EKI8 ; < K8 C C 8 ; F KF;8J JLJ EFM<;8;<J <E CFJ 8:8G@K<J +%( P +%) ;< <JK< @E=FID< G<I@:@8CĂ&#x2030;% M<I =FKF>I8=@8 +%.

8M8CLF :FD<I:@8C M<?@:LC8I ;\ Zfe]fid`[X[ Zfe \c 8ik% ('. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZfeZ\ie`\ek\ Xc XmXcÂ&#x2019;f p [\mfclZ`Â?e [\ cf i\Zlg\iX[f# \c m\_Â&#x2C6;Zlcf `ej$ g\ZZ`feX[f p XeXc`qX[f k`\e\ le XmXcÂ&#x2019;f Zfd\iZ`Xc [\ ()%''' [fZ\ d`c [Â?cXi\j Xd\i`ZXefj Xgifo`dX$ [Xd\ek\% <c i\dXk\ k\e[i} Zfdf YXj\ cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXcÂ&#x2019;f2 p# \e \c [Â&#x2C6;X p _fiX j\Â&#x152;XcX[fj# ef j\ i\Z`Y`i}e f]\ikXj hl\ ef mXpXe XZfdgXÂ&#x152;X[Xj gfi cf d\efj [\c [`\q gfi Z`\ekf [\c mXcfi kfkXc [\ jl f]\ikX# \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f%$ <c Xlkfdfkfi [\jZi`kf j\ \eZl\ekiX YXaf cX Zlj$ kf[`X [\c ;I% =I<;;P :<;<zF# ;<GFJ@K8I@F AL;@:@8C%$ Hl`\e [Xi} dXpfi `e]fidXZ`Â?e jfYi\ \c Y`\e# \e \c gifZ\jf _Xp ]fkf^iX]Â&#x2C6;Xj [\c m\_Â&#x2C6;Zlcf X i\dXkXij\% Cf hl\ Zfdle`Zf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j Zfe$ j`^l`\ek\j% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F 8%:%/'.-,

I% ;<C <% ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< <A<:LK@MF E%$(**. Ă&#x2020; )%''/ Ă&#x2020; ;>$ E8 J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c F:?F [\ 8>FJKF [\c [fj d`c FE:<# [\j[\ cXj ZXkfi$ Z\ _XjkX cXj [`\Z`fZ_f _fiXj \e cX J\Zi\kXi`X [\c Alq^X[f k\e[i} cl^Xi \c i\dXk\ \e gÂ&#x2019;Yc`ZX jlYXjkX# \c KFK8C [\ cX EL;8 GIFG@<;8;# \dYXi^X[fj# hl\ \e gXik\j `^lXc\j c\j Zfii\jgfe[\ X cfj ;\dXe[X[fj# \e \c `edl\Yc\ ZlpXj ZXiXZk\iÂ&#x2C6;jk`ZXj p [\d}j \jg\Z`]`ZXZ`fe\j# jfe cXj hl\ X Zfek`elXZ`Â?e j\ [\kXccX1 L9@:8:@äE1 Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Hl`kf :`l[X[1 Hl`kf GXiifhl`X1 JXekX Gi`jZX 9Xii`f1 JXe AlXe :Xcc\1 >Xc}gX^fj Ef% -,( \eki\ cXj ZXcc\j :l\eZX p 9\eXcZ}qXi C@E;<IFJ EFIK<1 :fe :Xcc\ >Xc}gX^fj p gif$ g`\[X[\j [\ DXiÂ&#x2C6;X K\i\jX J\^fm`X :Xii\iX p FicXe[f A}Zfd\# \e leX \ok\ej`Â?e [\ (/#(( d\kifj% JLI1 :fe gifg`\[X[ [\ 9fcÂ&#x2C6;mXi GXcXZ`fj 8pXcX# \e leX \ok\ej`Â?e [\ ))#,' d\kifj% <JK<1 :fe gifg`\[X[\j [\ DXiÂ&#x2C6;X K\i\jX J\^fm`X :Xii\iX# ]Xd`c`X :\mXccfj p G\[if 8cZÂ&#x2C6;mXi# \e leX \ok\ej`Â?e [\ *'#,' d\kifj% F<JK<1 :fe gifg`\[X[\j [\ FicXe[f A}Zfd\ p 9fcÂ&#x2C6;mXi GXcXZ`fj# \e leX \ok\ej`Â?e [\ ).#/' d\kifj% JLG<I=@:@< KFK8C ;<C K<II<EF1 ,),#'' d)% :8I8:K<IĂ JK@:8J%$ <c `edl\Yc\ ZfejkX [\ k\ii\ef p mXi`Xj Zfej$ kilZZ`fe\j Xek`^lXj [\jXiifccX[Xj \e leX p [fj gcXekXj Zfe ZXiXZk\$ iÂ&#x2C6;jk`ZXj kÂ&#x201E;Ze`ZXj p dXk\i`Xc\j [\ cX Â&#x201E;gfZX% K<II<EF%$ ;\ ]fidX `ii\^lcXi# kfgf^i}]`ZXd\ek\ gcXef X [`]\i\ek\j e`m\c\j \e j\ek`[f Efik\ Ă&#x2020; Jli# YXaf \c e`m\c [\ cX ZXcc\ >Xc}gX^fj# gfi jl k`gfcf^Â&#x2C6;X \j `ek\id\[`f# [`jgfe\ [\ kf[fj cfj j\im`Z`fj gÂ&#x2019;Yc`Zfj clq \cÂ&#x201E;Zki`ZX# X^lX gfkXYc\# XcZXekXi`$ ccX[f# cÂ&#x2C6;e\X k\c\]Â?e`ZX # \c `e^i\jf cf i\Xc`qXe [\j[\ cX ZXcc\ >Xc}gX^fj X kiXmÂ&#x201E;j [\ le gfikÂ?e p leX gl\ikX [\ _`\iif cXj d`jdXj hl\ j`im\ Zfdf XZZ\jf g\XkfeXc p m\_`ZlcXi% :FEJKIL::@äE Ef% LEF%$ K`\e\ cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;jk`ZXj Zfej$ kilZk`mXj# cX d`jdX hl\ \jk} [\jX$ iifccX[X \e [fj gcXekXj1 $ :`d`\ekfj [\ g`\[iX p cX[i`ccf $ G`jfj2 gi`d\iX gcXekX1 [\ kXYcX p Z\i}d`ZX2 j\^le[X gcXekX1 [\ kXYcX p Z\i}$ d`ZX $ GXi\[\j [\ X[fY\ \eclZ`[f p g`ekX$ [f `ek\i`fi p \ok\i`fid\ek\

$ Gl\ikXj# gi`eZ`gXc [\ _`\iif p cXj `ek\i`fi\j [\ dX[\iX $ M\ekXeXj [\ _`\iif p dX[\iX Zfe m`[i`f ZcXif $ :lY`\ikX [\ dX[\iX Zfe k\aX 8dY`\ek\j%$ K`\e\ cfj j`^l`\ek\j1 Gi`d\iX gcXekX1 $ ;fj [fid`kfi`fj $ JXcX $ :fd\[fi $ :fZ`eX $ ?Xcc $ 9XÂ&#x152;f Zfdgc\kf $ J\^le[X gcXekX1 $ ;fj [fid`kfi`fj $ JXcX $ :fd\[fi $ :fZ`eX $ ?Xcc $ 9XÂ&#x152;f Zfdgc\kf $ =`eXc`[X[1 gXiX m`m`\e[X% <jkX[f [\ Zfej\imXZ`Â?e1 i\^lcXi Xek`^lX % Ă?i\X [\ ZfejkilZZ`Â?e1 0' d\kifj ZlX[iX[fj% <[X[ [\ cX ZfejkilZZ`Â?e1 ., XÂ&#x152;fj Xgifo`dX[Xd\ek\ :FEJKIL::@äE Ef% ;FJ%$ K`\e\ cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;jk`ZXj Zfej$ kilZk`mXj# cX d`jdX hl\ \jk} [\jX$ iifccX[X \e leX gcXekX1 $ :`d`\ekfj [\ g`\[iX p cX[i`ccf $ G`jfj [\ kXYcX p Z\i}d`ZX $ GXi\[\j [\ X[fY\ \eclZ`[f p g`ekX$ [f `ek\i`fi p \ok\i`fid\ek\ $ Gl\ikXj# gi`eZ`gXc [\ _`\iif p cXj `ek\i`fi\j [\ dX[\iX $ M\ekXeXj [\ _`\iif p dX[\iX Zfe m`[i`f ZcXif $ :lY`\ikX [\ dX[\iX Zfe k\aX% 8dY`\ek\j%$ K`\e\ cfj j`^l`\ek\j1 $ LeX k`\e[X $ ;fj ZlXikfj $ 9XÂ&#x152;f Zfdgc\kf =`eXc`[X[1 gXiX m`m`\e[X% <jkX[f [\ Zfej\imXZ`Â?e1 i\^lcXi Xek`^lX % Ă?i\X [\ ZfejkilZZ`Â?e1 /' d\kifj ZlX[iX[fj% <[X[ [\ cX ZfejkilZZ`Â?e1 ., XÂ&#x152;fj Xgifo`dX[Xd\ek\% 8[\d}j# \e \c gXk`f gfjk\i`fi [\ \jkX gifg`\[X[ \e \c cX[f Jli Ă&#x2020; FZZ`[\ek\# j\ \eZl\ekiX leX g\hl\Â&#x152;X ZfejkilZ$ Z`Â?e k`gf d\[`X^lX \e dXcXj Zfe[`$ Z`fe\j# cX d`jdX hl\ j\ \eZl\ekiX _XY`kX[X gfi Xii\e[XkXi`fj% M8CFI8:@äE1 ;<J:I@G:@äE K\ii\ef :fejkilZZ`Â?e LEF :fejkilZZ`Â?e ;FJ JLG<I=@:@< ,),#'' 0'#'' /'#'' M8CFI GFI (-'#'' -'#'' -'#'' KFK8C /+%'''#'' ,%+''#'' +%/''#'' KFK8C 0+%)''#'' JFE1 EFM<EK8 P :L8KIF D@C ;FJ:@<EKFJ ;äC8I<J 8D<I@:8EFJ J\ i\Z`Y`i}e cXj gfjkliXj hl\ ZlYiX cX d`kX[ [\c XmXcÂ&#x2019;f XgifYX[f# gfi kiXkXij\ [\c J<>LE;F j\Â&#x152;XcXd`\e$ kf# Xc hl\ [\Y\e XZfdgXÂ&#x152;Xi \c [`\q gfi Z`\ekf [\ cX f]\ikX# \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efd$ Yi\ [\c Alq^X[f% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ c\p%$ :<IK@=@:F ;I% E@CF >FEQ8CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*+0*&ZZ

JF:@<;8; :FEPL>8C I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 8 C8 J<zFI8 D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E# ;< C8 ;<D8E;8 ;< ;@JFCL:@çE ;< C8 JF:@<;8; :äPL>8C GIFGL<JKF <E JL :FEKI8 GFI <C J<zFI N@CJFE I@:?<C@<L :@C@F D<;@E8% 8:KFI1 N@CJFE I@:?<C@<L :@C@F D<;@E8% ; < D 8 E ;8 ; F 1 D 8: CFM @ 8 8D8I@C@J :8JK8z<;8 >LQD8E AL@:@F Ef% */*$)'(($;@JFCL:@FE ;< C8 JF:@<;8; :FEPL>8C$DD% KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% /. ;<C ;i% CL@J =<IE8E;F E@E8?L8CG8% GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# dXik\j , [\ XYi`c [\c )'((# cXj ()_(0%# M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX X[d`k\ Xc ki}d`k\ \jg\Z`Xc% :Â&#x2C6;k\j\ X cX [\dXe$ [X[X j\Â&#x152;fiX D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E# \e \c cl^Xi hl\ j\ `e[`ZX# d\[`Xek\ Zfd`j`Â?e [`i`^`[X Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX GXiifhl`X [\ JXe 8ekfe`f [\ G`Z_`eZ_X# X ]`e [\ hl\ \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj [\ c\^Xcd\ek\ Z`kX[X cX Zfek\jk\# kXc Zfdf cf [`jgfe\ \c 8ik% /(+ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% KÂ&#x201E;e^Xj\ \e Zl\ekX

\c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e ZfeZ\[`[X Xc [fZkfi ClÂ&#x2C6;j =\ieXe[f E`eX_lXcgX :feki\iXj% Efk`]Â&#x2C6;hl\j\%%$ ;iX DÂ?e`ZX =cfi GXqd`Â&#x152;f# Al\qX%$ FKI8 GIFM@;<E:@8%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# dXik\j *( [\ dXpf [\c )'((# cXj '0_,)%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f% <e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f DXZcfm`X 8dXi`c`j :XjkXÂ&#x152;\[X >lqd}e# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qXi}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]Â&#x2C6;hl\j\%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`ccX al[`$ Z`Xc# \e \jkX Z`l[X[ [\ Hl`kf# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'*(0&k]

I [\c <% ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C G8I81 DĂ?O@DF IF><C@F M@z8D8>L8 :L<E:8 <OKI8:KF AL@:@F1 ;@JFCL:@äE ;< C8 JF:@<;8; :FEPL>8C Ef +/-$ )'(( :%@% 8:KFI81 D8IĂ 8 D<I:<;<J 9FIA8 GLCLG8 ;<D8E;8;F DĂ?O@DF IF><C@F M@z8D8>L8 :L<E:8 F9A<KF1 J\ [\ZcXi\ [`jl\ckX cX jfZ`\[X[ Zfepl^Xc [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c Xik% /(* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :8J@CC<IF AL;@:@8C Ef%1 +,/+ [\c ;i% 9\eaXdÂ&#x2C6;e =`Xccfj p ;iX% M`Zkfi`X 8ckXd`iXef GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8$ Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj (-_)(%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`$ kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ c\ X[d`k\ X kiXd`k\ gifgl\jkf%$ <e d\i`kf [\c aliXd\e$ kf i\e[`[f gfi cX 8ZkfiX jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`$ c`f [\ jl ZÂ?epl^\ \c j\Â&#x152;fi DĂ?O@DF IF><C@F M@z8D8>L8 :L<E:8# j\ [`jgfe\ Z`kXicf gfi cX gi\ejX Zfe$ ]fid\ cf \jk`glcX[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# X ]`e [\ hl\ [\ekif [\c kÂ&#x201E;id`ef c\^Xc [\ ki\j [Â&#x2C6;Xj Zfek\jk\ gifgfe`\e[f cXj \oZ\gZ`fe\j [\ hl\ j\ Zi\X Xj`j$ k`[f# Zfe]fid\ cf [`jgl\jkf \e \c 8ik% /(+ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^iÂ&#x201E;^l\ej\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p \c ZXj`cc\$ if al[`Z`Xc j\Â&#x152;XcX[f gfi cX 8ZkfiX gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ EFK@=@HL<J<% = ;I$ I<PE8C;F =CFI 8CM8I8;F% AL<Q J = ;i% I\`eXc[f =cfi 8cmXiX[f# Al\q j`^l\ cX efk`]`ZXZ`Â?e Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p% :<IK@=@:F% JiX% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&/',/0&k]

M8I@FJ I% ;<C <% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 A8:HL<C@E< D8I@JFC @98II8 >L<II8 AL@:@F1 ;@JFCL:@äE ;< C8 JF:@<;8; :FEPL>8C Eif% ,.*$ )'(($?%<% 8:KFI81 ;I8% QLC8P <J9<C@;8 IFEHL@CCF JFJ8# GIF:LI8;FI AL;@:@8C ;<C J<zFI <;N@E C<FE8I;F 8@J8C@8 >L<II8% ;<D8E;8;81 A8:HL<C@E< D8I@JFC @98II8 >L<II8% =LE;8D<EKF C<>8C1 8ik% /(* p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 Eif% (('*$;I8% QLC8P IFEHL@CCF JFJ8 ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j )0 [\ ale`f [\c )'((# cXj (-_,'%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e ZXc`[X[ [\ Al\q K\dgfiXc < [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX 8ZZ`Â&#x17D;e [\ G\ijfeXc Eif% (*,.$;G$;GG# [\ )+ [\ Ale`f [\c XÂ&#x152;f \e Zlijf%$LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X `e`Z`Xc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# iXqÂ&#x17D;e gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <jg\Z`Xc%$ :fej\Zl\ek\d\ek\# ZÂ?ii\j\ kiXjcX$ [f Zfe cX g\k`Z`Â&#x17D;e `e`Z`Xc [\ [\dXe$ [X p \c Zfek\e`[f [\ \jk\ Xlkf X cX j\Â&#x152;fiX1 A8:HL<C@E< D8I@JFC @98II8 >L<II8# gfi \c kÂ&#x2026;id`ef [\ ki\j [Â&#x2030;Xj# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /(+ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e Xk\eZ`Â&#x17D;e

:_Y[d gk[ bW fh[diW \k[ bW fWbWdYW Z[ 7hgkÂ&#x2021;c[Z[i gk[ b[lWdjÂ&#x152; [b ckdZe$ 7HJ;CKI M7H: X cX X]`idXZ`Â&#x17D;e hl\ Zfe aliXd\ekf \]\ZkÂ&#x201C;X cX XZkfiX jfYi\ cX `dgfj`Y`$ c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X[X j\Â&#x152;f$ iX AXZhl\c`e\ DXi`jfc @YXiiX >l\iiX# ZÂ&#x2030;k\j\ X cX d`jdX gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`fe eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf gi\Z\gkÂ&#x201C;X \c 8ik% /) @Y`[\d%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if [\j`^eX[f al[`Z`Xc [\j`^eX[f gfi cX ZfdgXi\Z`\ek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j2 p# cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\%$Efk`]Â&#x2030;hl\j\%$ ;I% CL@J E8IMĂ?<Q G8QFJ AL<Q K<DGFI8C < Cf hl\ c\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ cX [\dXe[X [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j% C@:% >L@;F <JG@EFQ8 <% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'...&k]

C8 I ;<C < ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 :?I@JK@8E A8M@<I :8IG@F D8P8 8:KFI1 ;I8% ><8E D8>8C@ 8>L@II< 9 < E 8 C : 8 Q 8 I GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J%8% ;<D8E;8;F1 :?I@JK@8E A8M@<I :8IG@F D8P8 AL@:@F1 <JG<:@8C Ef% (-*/$)''0$ F<I :L8EK@81 (*%,'' ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (+ [\ [`Z`\dYi\ [\c )''0# cXj ((_(.%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX$ [f p \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX al[`ZXkliX XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$ CX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X j\ XZ\gkX Xc ki}d`k\ \jg\Z`Xc g\ik`e\ek\%$ M`jkX cX m`^\e$ Z`X [\c ZfekiXkf [\ ZfdgiXm\ekX Zfe i\j\imX [\ [fd`e`f# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\e cfj 8ikj% ,.*# ,0- p ,0. [\c :Â?[`^f [\ :fd\iZ`f# j\ fi[\eX \c <dYXi^f p I\dXk\ [\c m\_Â&#x2C6;Zlcf dXiZX :?<MIFC<K # df[\cf 8QLC F:y8EF 8zF )''. DFKFI >(-9$.'*.(. :_Xj`j /C;9J<++O.2 ZlpXj [\d}j ZXiXZk\$ iÂ&#x2C6;jk`ZXj j\ _XccXe [\jZi`kXj \e [`Z_fj [fZld\ekfj2 gXiX hl\ Zfe \c gif$ [lZkf [\c i\dXk\ j\ gX^l\ cX fYc`^X$ Z`Â?e X[\l[X[X Xc XZi\\[fi%$ :Â&#x2C6;k\j\ Xc [\dXe[f j\Â&#x152;fi :?I@JK@8E A8M@<I :8IG@F D8P8# \e \c cl^Xi hl\ j\ `e[`ZX gXiX cf ZlXc i\dÂ&#x2C6;kXj\ cXj Yfc\$ kXj Zfii\jgfe[`\ek\j X cX f]`Z`eX [\ Z`kXZ`fe\j%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXc`[X[ Zfe cX hl\ ZfdgXi\Z\ \c XZZ`feXek\# XjÂ&#x2C6; Zfdf \c [fd`Z`c`f al[`Z`Xc j\Â&#x152;XcX[f gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j p [\]\ejfi\j [\j`^eX$ [fj%$ EFK@=@HL<J< P :ĂŁK<J<% ] ;i% @m}e :\mXccfj QXdYiXef Ă&#x2020; Al\q% ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j - [\ ale`f [\c )'((# cXj (,_,/%$ 8k\ekf \c aliXd\ekf i\e[`$ [f gfi cX XZZ`feXek\ p [\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f :?I@JK@8E A8M@<I :8IG@F D8P8 gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]Â&#x2C6;hl\j\% = ;i% @m}e :\mXccfj QXdYiXef $ Al\q% Cf hl\ Zfdle`Zf p :@KF gXiX cfj i\j$ g\Zk`mfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`f$ e\j%$ :\ik`]`Zf% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ALQ>8;F M@>yJ@DF HL@EKF :@M@C G@:?@E:?8 ?Xp le j\ccf 8%:%&/'.0*

<OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 C8 J<zFI8 D8I@8 @J89<C M<C8JK<>L@ DFC@E8 P J< ?8:< :FEF:<I 8C GL9C@:F <E ><E<I8C ;< C8 @EJFCM<E:@8 GIFGL<JK8 <E JL :FEKI8 AL@:@F1 @EJFCM<E:@8 Ef% +-+$(( <%8% 8:KFI% J<>LE;F <D@C@F I<P<J Q8G8K8 p 9<KKP <C<E8 G8QD@zF >8M@C8E<J ;<D8E;8;F1 D8I@8 @J89<C M<C8JK<>L@ DFC@E8 ;FD@:@C@F% ;I% AFJ< >L<II<IF 9Q% KI8D@K<% <JG<:@8C :L8EK@8% @E;<K<ID@E8;8 :8J@CC<IF% ,, ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?82%$ Hl`kf# m`\ie\j * [\ ale`f [\c )'((%$ cXj (._'+%$

M@JKFJ1 <e m`ikl[ [\c jfik\f i\X$ c`qX[f XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q \eZXi^X[f d\[`Xek\ F]% (''( ;G$ ;GG [\ '0 [\ dXpf [\c )'((%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X KIĂ D@K< <JG<:@8C%$ ;\ cXj Zfg`Xj Z\ik`]`ZX[Xj X[alekXj j\ [\jgi\e[\ hl\ cX j\Â&#x152;fiX D8I@8 @J89<C M<C8JK<>L@ DFC@E8# j\ _XccX Zfdgi\e[`[X \e cX j`klXZ`Â?e gi\m`jkX \e \c XikÂ&#x2C6;Zlcf ,(0# eld\iXc (if% ;\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# cf ZlXc j\ gi\jld\ jl `ejfcm\e$ Z`X p j\ [\ZcXiX Zfe cl^Xi Xc ZfeZlijf [\ XZi\\[fi\j# \e Zfej\Zl\eZ`X# j\ fi[\eX cX gi}Zk`ZX [\ cXj j`^l`\e$ k\j [`c`^\eZ`Xj1 Hl\ j\ fZlg\e cfj Y`\e\j# Zfii\jgfe[\eZ`X p [\d}j [fZld\ekfj [\ cX ]Xcc`[X hl\ j\ \eki\^Xi}e Xc JÂ&#x2C6;e[`Zf [\ ZfeZlijf ;i% 8ieXc[f =`Xccfj# X hl`\e j\ c\ efdYiX \e \jk\ al`Z`f%$ Hl\ j\ XZl$ dlc\e kf[fj cfj al`Z`fj \e ZfekiX [\ cX [\dXe[X[X gfi fYc`^XZ`fe\j [\ [Xi f _XZ\i# gl[`\e[f cfj XZi\\[fi\j _`gfk\ZXi`fj _XZ\i mXc\i jlj [\i\$ Z_fj gfi j\gXiX[f%$ Gif_Â&#x2C6;YXj\ X cX [\dXe[X[X Xlj\ekXij\ [\c cl^Xi [\c al`Z`f p j\ fi[\eX hl\ j\ gi\j\ek\ \c YXcXeZ\ [\ cfj Y`\e\j Zfe `e[`ZXZ`Â?e [\c XZk`mf p [\c gXj`mf# \e \c kÂ&#x201E;id`ef [\ fZ_f [Â&#x2C6;Xj%$ I\dÂ&#x2C6;kXj\ Zfg`X [\ cf XZklX[f X lef [\ cfj j\Â&#x152;fi\j Al\Z\j [\ cf G\eXc# gXiX cX ZXc`]`ZXZ`Â?e [\ cX `ejfcm\eZ`X%$ :fdf cX ]Xcc`[X hl\[X \e `ek\i[`ZZ`Â?e [\ X[d`e`jkiXi jlj Y`\e\j ZfdleÂ&#x2C6;hl\j\ [\c gXik`ZlcXi X cfj j\Â&#x152;fi\j EfkXi`fj p I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e%$ F]Â&#x2C6;Z`\j\ _XZ`Â&#x201E;e[fc\ ZfefZ\i [\c gXik`ZlcXi X cfj j\Â&#x152;fi\j >\i\ek\j [\ cfj YXe$ Zfj [\ cX cfZXc`[X[# XjÂ&#x2C6; Zfdf Xc I\^`jkiX[fi D\iZXek`c# :fekiXcfi >\e\iXc [\ cX EXZ`Â?e2 ;`i\Zkfi [\c J\im`Z`f [\ I\ekXj @ek\ieXj JI@# Jlg\i`ek\e[\eZ`Xj [\ 9XeZfj p :fdgXÂ&#x152;Â&#x2C6;Xj# ;`i\Zkfi EXZ`feXc [\c J\^lif JfZ`Xc @<JJ# ;`i\Zkfi EXZ`feXc [\ D`^iXZ`Â?e [\ cX Gfc`ZÂ&#x2C6;X EXZ`feXc# :fdXe[XeZ`X >\e\iXc [\ cX Gfc`ZÂ&#x2C6;X EXZ`feXc# :fdXe[XeZ`X >\e\iXc [\c <aÂ&#x201E;iZ`kf# DXi`eX p =8< ;`i\ZZ`Â?e EXZ`feXc [\ I\cXZ`fe\j CXYfiXc\j# @% Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# Gi\j`[\ek\ [\c :fej\af EXZ`feXc <c\ZkfiXc# DlklXc`jkXj# :fd`j`Â?e :Â&#x2C6;m`ZX [\ :fekifc ZfekiX cX :fiilgZ`Â?e# D`e`jk\i`f [\ ;\]\ejX EXZ`feXc# D`e`jk\i`f [\ I\cXZ`fe\j <ok\i`fi\j# ;`i\Zkfi >\e\iXc [\ I\^`jkif :`m`c# @[\ek`]`ZXZ`Â?e p :\[lcXZ`Â?e# :fej\af EXZ`feXc [\ KiXej`kf p KiXejgfik\ K\ii\jki\ [\ G`Z_`eZ_X %$ GlYcÂ&#x2C6;hl\j\ gfi leX jfcX m\q le \okiXZkf [\ cX `ejfcm\eZ`X \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l$ [X[ [\ Hl`kf# [\ XZl\i[f X cf gi\$ m`jkf \e \c 8ik% ,'0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :Â&#x2019;dgcXj\ X ZXYXc`[X[ kf[Xj \jkXj [`c`^\eZ`Xj fi[\eX[Xj%$ Gf[i} j`e \dYXi^f cX [\dXe[X[X fgfe\ij\ Xc gi\j\ek\ al`Z`f gX^Xe[f \c mXcfi [\ cf X[\l[X$ [f f [`d`k`\e[f Y`\e\j \hl`mXc\ek\j Xc ZiÂ&#x201E;[`kf \e \c kÂ&#x201E;id`ef c\^Xc [\ ki\j [Â&#x2C6;Xj%$ :Â&#x2C6;k\j\ X cX [\dXe[X[X gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i[f X cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX$ [fj%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi cfj XZkfi\j%$ EFK@=@HL<J<%$ ] ;I% >\id}e >feq}c\q [\c Gfqf% AL<Q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^X$ Z`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc%$ :\ik`]`Zf%$% ;I% >8CF 98<Q A8@D<% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'/'*&k]

I% [\c <% ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 : @ K 8 : @ F E A L ; @ : @ 8 C 8c [\dXe[X[f 8C<O A8@D< 98CC8;8I<J M8C<EK8E>8# j\ c\ Z`kX Zfe cX [\dXe[X m\i$ YXc jldXi`X j\^l`[X gfi \c 8Zkfi ;fZkfi N8J?@E>KFE <EI@HL< 98II8>8E K8G@8# _Xp cf hl\ j`^l\1 AL@:@F% Ef% +*+$)'(( KI8D@K<1 M\iYXc JldXi`f 8:KFI1 ;i% N8J?@E>KFE <EI@HL< 98II8>8E K8G@8 ;<D8E;8;F1 8C<O A8@D< 98CC8;8I<J M8C<EK8E>8 KI8D@K81 ;iX% DXiÂ&#x2C6;X <c\eX >l\ii\if GIFM@;<E:@81 Ă&#x2C6;ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j ( [\ ale`f [\c )'((# cXj (,_,)%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c 8Zkfi

;fZkfi N8J?@E>KFE <EI@HL< 98II8>8E K8G@8# p [\ Zfe]fid`$ [X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f 8C<O A8@D< 98CC8;8I<J M8C<EK8E>8# gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`k\e \e \jkX Z`l[X[ [\ Hl`kf%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c [fZld\ekf hl\ XZfdgXÂ&#x152;X%$KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[fĂ&#x2030;%$ Efk`]Â&#x2C6;hl\j\%$ ] ;i% <[n`e 8i^fk` I\p\j# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j p j\ c\ gi\$ m`\e\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e cX Z`l[X[ [\ Hl`kf# gXiX jlj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :M@C ;< G@:?@E:?8 8%:%/'..'

<OKI8:KF AL;@:@8C 8:KFI1 <;DLE;F E8M8J :8JKIF ;<D8E;8;F1 CL@J M@EL<Q8 GIF8zF KI8D@K<1 AMJ1 (),$)'('$E: =LE;8D<EKF C<>8C1 8IK% *' C`k\iXc X :L8EKĂ 81 LJ .')%'' ;FC8I<J A L Q>8 ; F G I @ D < IF ; < @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8% Hl`kf# m`\ie\j (0 [\ ]\Yi\if [\c )'('# cXj ('_).% M@JKFJ%$ <e m`ikl[ [\c jfik\f i\Xc`qX[f% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\qX K`klcXi [\ cX Al[`ZXkliX# CX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# XZ\g$ k}e[fcX X ki}d`k\ \e al`Z`f m\iYXc jldXi`f2 \e Zfej\Zl\eZ`X :@K<J<1 X CL@J M@EL<Q8 GIF8zF# \e \c cl^Xi j\Â&#x152;XcX[f gXiX \c \]\Zkf# X hl`\e j\ c\ \eki\^Xi} cXj Yfc\kXj Zfe cXj Zfg`Xj i\jg\Zk`mXj% 8^iÂ&#x201E;^l\j\ Xc gifZ\$ jf cfj [fZld\ekfj gi\j\ekX[fj p kÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p \c ZXj`$ cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi gXiX jlj ]lkliXj efk`]`ZXZ`fe\j# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<% = ;iX% JljXeX MXcc\af 9fcXÂ&#x152;fj# Al\qX Gi`d\iX [\ @ehl`c`eXkf j`^l\ cX efk`]`ZXZ`Â?e Cf hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p%$ Gi\m`Â&#x201E;e[fc\ [\ cX fYc`^X$ Z`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% EFK@=@HL<J<% ALI8D<EKF <e Hl`kf# _fp '- [\ dXpf [\ [fj d`c feZ\# X cXj [`\q _fiXj Zfe el\m\ d`elkfj# Xek\ cX ;iX% JljXeX MXcc\af 9fcXÂ&#x152;fj Al\qX Gi`d\iX [\ @ehl`c`eXkf p XZkÂ&#x2019;X \c j\Zi\kXi`f k`klcXi [\ cX al[`$ ZXkliX ZfdgXi\Z\e1 ;I% <;DLE;F G8KI@:@F E8M8J :8JKIF# Zfe eÂ&#x2019;d\if [\ ZÂ&#x201E;[lcX (.'0*,'(($/# \e jl ZXc`[X[ [\ ;`i\Zkfi Gifm`eZ`Xc [\ G`Z_`eZ_X [\c @ejk`klkf [\ J\^li`[X[ JfZ`Xc p gXg\c\kX [\ mfkXZ`Â?e Ef%$ (-.$''('% :fe cX ]`eXc`[X[ [\ [Xi Zldgc`d`\ekf Zfe \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Xc \]\Zkf aliXd\ekX[X \e c\^Xc p [\Y`[X ]fidX# X[m\ik`[f [\ cX ^iX$ m\[X[ [\c aliXd\ekf p [\ cXj g\eXj [\ g\iali`f# [`Z\1 J\Â&#x152;fi al\q d\[`Xe$ k\ aliXd\ekf i\X]`idf \c [\jZfefZ`$ d`\ekf [\ cX [`i\ZZ`Â?e p \c gXiX[\if [\c j\Â&#x152;fi M@EL<Q8 GIF8zF CL@J% :fe cf hl\ k\id`eX cX gi\j\ek\ [`c`$ ^\eZ`X ]`idXe[f gXiX ZfejkXeZ`X \c ZfdgXi\Z`\ek\ \e le`[X[ [\ XZkf Zfe cX j\Â&#x152;fiX Al\q p J\Zi\kXi`f hl\ Z\ik`]`ZX% ALQ>8;F GI@D<IF ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8% Hl`kf# cle\j (- [\ dXpf [\c )'((# cXj (-_*.% <e cf gi`eZ`gXc# Zldgc`[f hl\ _X j`[f cf fi[\eX[f \e gifm`[\eZ`X Xek\$ i`fi# j\ [`jgfe\ hl\ cX Z`kXZ`Â?e X cX gXik\ [\dXe[X[X j\ cX i\Xc`Z\ gfi cX gi\ejX \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\c cl^Xi# [\ Zfe$ ]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\ ZÂ?[`^f [\ gifZ\[`d`\ekf Z`m`c% EFK@=@HL<J<% ;I% ?L>F M@K<I@ GFC@K J<:I<K8I@F 89&)0+'+&ZZ

<OKI8:KF AL;@:@8C :Ă K<J< 8C ;<D8E;8;F J8EK@8>F D8LI@:@F M8CC8;8I<J IFA8J :FE C8 J@>L@<EK< ;<D8E;8 ;< @EM<EK8I@F :8LJ81 EIF .*0 ;<C 8zF )''0 8:KFI81 D8I>8I@K8 A8E<K? M8CC<AF J88 ; < D 8 E ;8 ; F 1 J 8 E K @ 8 > F D8LI@:@F M8CC8;8I<J IFA8J ?<I<;<IF :FEF:@;F ;<C :8LJ8EK< KFI@9@F 8L>LJKF M8CC8;8I<J MĂ?JHL<Q GIFM@;<E:@81 ALQ>8;F ;y:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?81 :XpXdY\# )0 [\ J\gk`\dYi\ [\c )''02 cXj /_),1 M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\%$ <e cf gi`eZ`$ gXc j\ [`jgfe\% J\ [\ZcXiX XY`\ikX cX jlZ\j`Â?e [\ cfj Y`\e\j [\aX[fj gfi \c ZXljXek\ j\Â&#x152;fi1 KFI@9@F 8L>LJKF M8CC8;8I<J MĂ?JHL<Q2 ZÂ&#x2C6;k\j\ X cfj _\i\[\ifj ZfefZ`[fj1 ;<@JP D8I>8I@K8 M8CC8;8I<J M8CC<AF P D8IĂ 8 8L>LJK8 M8CC8;8I<J M8CC<AF2 J8EK@8>F D8LI@:@F M8CC8;8I<J IFA8J P D8IĂ 8 8C<A8E;I8 FI9< PyG<Q# dX[i\ [\ cfj d\efi\j DäE@:8 >89I@<C8 P B<M@E 8L>LJKF

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ?

M8CC8;8I<J FI9< \e cfj [fd`Z`$ c`fj `e[`ZX[fj gXiX \c \]\Zkf2 ZÂ&#x2C6;k\j\ _\i\[\if ZfefZ`[f j\Â&#x152;fi JXek`X^f DXli`Z`f MXccX[Xi\j IfaXj2 p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c gi\efdYiX[f ZXljX_XY`\ek\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`k\e \e cX Z`l[X[ [\ Hl`kf p \e cX ]fidX `e[`ZX[X \e \c 8ik% /) [\c ZÂ?[`^f [\ gifZ\[`d`\ekf Z`m`c2 ZÂ&#x2C6;k\j\ Xc j\Â&#x152;fi ;`i\Zkfi [\c J\im`Z`f [\ I\ekXj @ek\ieXj# d\[`Xek\ [\gi\$ ZXkfi`f [`i`^`[f X lef [\ cfj j\Â&#x152;fi\j Al\Z\j :`m`c\j [\ G`Z_`eZ_X2 ZÂ&#x2C6;k\j\ Xc j\Â&#x152;fi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X2 ZÂ&#x2C6;k\j\ Xc j\Â&#x152;fi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X2 `eZfigÂ?i\j\ Xc gifZ\jf cfj [fZl$ d\ekfj X^i\^X[fj p kÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc ]`aX[f%$ Efk`]Â&#x2C6;hl\j\%$ <c Al\q ] ;i% =i\[[p @cc\jZXj :% Cf hl\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e cX Z`l[X[ [\ :XpXdY\%$ :\ik`]`Zf$ <c J\Zi\kXi`f% 9iXlc`f GÂ&#x201E;i\q G\Â&#x152;X]`\c J<:I<K8I@F ALQ>8;F ;y:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8[%))0,.&X`

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ('0. Xc (()- [\ cX :kX% :k\% Ef% **/.)((0'+ g\ik\e\Z`\ek\ X 8I<HL@G8 :?@HL@KF# =8LJKF$ 9FC@M8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ((). Xc ((,+ [\ cX :kX% :k\% Ef% **/.)((0'+ g\ik\e\Z`\ek\ X 8I<HL@G8 :?@HL@KF# =8LJKF$ 9FC@M8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ((,, Xc ((-' [\ cX :kX% :k\% Ef% **/.)((0'+ g\ik\e\Z`\ek\ X 8I<HL@G8 :?@HL@KF# =8LJKF$ 9FC@M8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,). [\ cX :kX% :k\% Ef% *'*)'(0.'+ g\ik\e\Z`\ek\ X J8C8Q8I GFQF# =<C@O$8C@I@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )-/(, [\ cX :kX% :k\% Ef% *'**,*+/'+ g\ik\e\Z`\ek\ X 8I<CC8EF I<:8C;<# AFJ<$D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ))( Xc ),' [\ cX :kX% :k\% Ef% *+)..)*/'+ g\ik\e\Z`\ek\ X <I8QF CL:<IF# AFI><$8E;I<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /.+ mXcfi (**#'' [\ cX :kX% :k\% Ef% *+*..)'0'+ g\ik\e\Z`\ek\ X :FCLD9LJKI8M<C :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e%

Ä&#x2C6;

8:& . d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /-' mXcfi )*+#,' [\ cX :kX% :k\% Ef% *+*..)'0'+ g\ik\e\Z`\ek\ X :FCLD9LJKI8M<C :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef ,.. mXcfi .,#'' [\ cX :kX% :k\% Ef% *'((--0)'+ g\ik\e\Z`\ek\ X G<E8=@<C :8II@CCF# D8I@KQ8$ B8I@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )*(/ [\ cX :kX% :k\% Ef% *',0+*.-'+ g\ik\e\Z`\ek\ X 898; JL8I<Q# M@:KFI$?L>F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )(' Xc ))' [\ cX :kX% :k\% Ef% *+((/,+/'+ g\ik\e\Z`\ek\ X >L8CG8 M<>8# >C8;PJ$ 8E><C@:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ),( Xc )/' [\ cX :kX% :k\% Ef% *'('(*/)'+ g\ik\e\Z`\ek\ X DFE:8PF KFC<;F# FJ?L8C$ I<E< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ),'- Xc ),'. [\ cX :kX% :k\% Ef% **0'*((-'+ g\ik\e\Z`\ek\ X :8:?LGL; :LA@#>89I@<C$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef **0. mXcfi )%'.+#'' [\ cX :kX% :k\% Ef% *+-/,'.0'+ g\ik\e\Z`\e$ k\ X 8JF:@8:@FE <;<:FEJ8 @E><I8C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *++, mXcfi (%'*.#'' [\ cX :kX% :k\% Ef% *+-/,'.0'+ g\ik\e\Z`\e$ k\ X 8JF:@8:@FE <;<:FEJ8 @E><I8C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /+, Xc /,' [\ cX :kX% :k\% Ef% *'-'''','+ g\ik\e\Z`\ek\ X GIF8EF 9LJK8D8EK<#AFJ<$ AFM8EE@J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,+' [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$:8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -+( [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$:8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (/ d^

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä&#x2030;

Ĺ? Ä&#x201A;Ä Ĺ? Ĺ?

Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ? +. Ĺ? Ä&#x152;Ĺ?

444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *-, Xc *-- [\ cX :kX% :k\% Ef% *','(/(('+ g\ik\e\Z`\ek\ X M@CC8D8I@E :8DG8E8# >@C$8E@98C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef .)* Xc .)+ [\ cX :kX% :k\% Ef% *+',.*+-'+ g\ik\e\Z`\ek\ X M8C<E:@8 9F?FIHL<Q#?FC><I$BC<9<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef -+0*)* mXcfi ()#'' [\ cX :kX% :k\% Ef% *''('*//'+ g\ik\e\Z`\ek\ X <DJ<FD :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef -+0*), mXcfi ('#)' [\ cX :kX% :k\% Ef% *''('*//'+ g\ik\e\Z`\ek\ X <DJ<FD :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef -+0*)/ mXcfi (,#'' [\ cX :kX% :k\% Ef% *''('*//'+ g\ik\e\Z`\ek\ X <DJ<FD :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef -+0*+' mXcfi ('#,' [\ cX :kX% :k\% Ef% *''('*//'+ g\ik\e\Z`\ek\ X <DJ<FD :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef (0/-- mXcfi *,-#), [\ cX :kX% :k\% Ef% *''(+-)-'+ g\ik\e\Z`\ek\ X J<>LKFLI@E> :@8 CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ()*+ mXcfi //'#++ [\ cX :kX% :k\% Ef% ****/-','+ g\ik\e\Z`\ek\ X DLQF KLG@Q8#I8LC$I@>F9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef +-0/,+ mXcfi +'*#*) [\ cX :kX% :k\% Ef% *'+((-.+'+ g\ik\e\Z`\ek\ X D<;@:@E8 G8I8 <C <:L8;FI D<;@<:L8;FI ?LD [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef +--*-) mXcfi *-(#,* [\ cX :kX% :k\% Ef% *'+((-.+'+ g\ik\e\Z`\ek\ X D<;@:@E8 G8I8 <C <:L8;FI D<;@<:L8;FI ?LD [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef //( Xc 0+' [\ cX :kX% :k\% Ef% *)+/0,-('+ g\ik\e\Z`\ek\ X KFE8KF JFE@8#D<I:<;<J$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e%

8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *-), mXcfi (+'#/) [\ cX :kX% :k\% Ef% **/.-''('+ g\ik\e\Z`\e$ k\ X HL@KF :8I:LJKFD J%8% J<IM@:@F 8LKFDFKI@Q [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +., [\ cX :kX% :k\% Ef% *+../0,''+ g\ik\e\Z`\ek\ X CCLD@K8O@ J@D98E8#J@CM8E8$9<C>@:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *0- [\ cX :kX% :k\% Ef% *+'(,)0-'+ g\ik\e\Z`\ek\ X :<G<;8 C<D8# E8E:P$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef (,./ mXcfi /,#'' [\ cX :kX% :k\% Ef% *'.',-,0'+ g\ik\e\Z`\ek\ X M8CC< G8I<;<J# E<CJFE$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ** d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (*-+ [\ cX :kX% :k\% Ef% *'.(,(0,'+ g\ik\e\Z`\ek\ X ;LD<K 98IIFJF# ILK?$QLC<D8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *+ d^ 44444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )+)0 [\ cX :kX% :k\% Ef% **-)-.**'+ g\ik\e\Z`\ek\ X K8G@8 >FD<Q# A<EEP$<C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef )-/* Xc )-/+ [\ cX :kX% :k\% Ef% *'()*//('+ g\ik\e\Z`\ek\ X :8JKIF FI9<# IFJ8$D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /+0 [\ cX :kX% :k\% Ef% *')+0/00'+ g\ik\e\Z`\ek\ X I@M<I8 #QFE@8$ C@9<IK8; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *)-( Xc **-' [\ cX :kX% :k\% Ef% *''*..)('+ g\ik\e\Z`\ek\ X ?@;8C>F A8I8D@CCF#@M8E$ D8I:<CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& */ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (../ [\ cX :kX% :k\% Ef% *')/+-'0'+ g\ik\e\Z`\ek\ X DFEK<IF M@K<I@# G<;IF$G89CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef .'( Xc .-' [\ cX :kX% :k\% Ef% *)(.0*'+'+ g\ik\e\Z`\ek\ X :FII8C :FI;<IF#O@D<E8$;<C :8ID<E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& +' d^ 444444

Ĺ?

HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (/+/ [\ cX :kX% :k\% Ef% *')/+-'0'+ g\ik\e\Z`\ek\ X DFEK<IF M@K<I@# G<;IF$G89CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& +( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +'/ Xc +*' [\ cX :kX% :k\% Ef% *'+.,*.''+ g\ik\e\Z`\ek\ X E@:FC8C;< D<J8# D@I@8D$ <JK?<I ><EFM<M8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& +) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,)( Xc ,,' [\ cX :kX% :k\% Ef% *'+.(,,('+ g\ik\e\Z`\ek\ X 9FC8>8P 8>L@C8I# >C8;PJ$D@:8<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& +* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,,( Xc ,/' [\ cX :kX% :k\% Ef% *'+.(,,('+ g\ik\e\Z`\ek\ X 9FC8>8P 8>L@C8I# >C8;PJ$ D@:8<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\$ i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ++ d^

COOPROGRESO ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()/+)+* [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X J8E:?<Q 8CD<@;8 CL@J 8IKLIF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+( &( d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(,)/-.- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X :F9FJ D8:?8;F D8I@8 AL;@K? j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+) &) d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'((/).0+ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X I<D8?< :LI@:?LD9@ AL8E I@:8I;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+* &* d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()*/0)' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.'',*00( [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @9LA<J @9LA<J J<>LE;F ><I8I;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-++ &+ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,0+,0. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X =8I@E8E>F 8D98J BC<9<I FD8I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+, &, d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/''''*)+) [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ;@8Q KF98I B8I<E 8E;I<8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+- &- d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\

IebWc[dj[ i[ b_XhW Z[b f[b_]he Wgk[b gk[ l_]_bW _dYbkie YkWdZe [ij| i[]khe$ FK8B?E I?HE 8_fiifj Ef '0(''+(*/. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.'')0+.( [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X KFJ:8EF M8C<E:@8E8K?8C@8 G8LC@E8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+. &. d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(*'0-/) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/'.(,.-(. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L<II<IF A8:FD< E<CJFE D8I@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+/ &/ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +('((''-'(*) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +('(.'',(-,/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8@Q8 :?LC:8 D8I@8 ;FCFI<J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-+0 &0 d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +(((('',**.* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +(((.''+0-,+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X C8I8 >L8D@E>F CL@J 8C9<IKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,' &(' d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('/*'-- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X IFA8J GFE:< I@:8I;F A8M@<I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,( &(( d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()-.(,) [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X :8I;<E8J DFI8C<J D8EL<C <IE<JKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,) &() d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()+.*-/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ').''*,),. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<;@8M@CC8 8I@8J :8ICFJ <;@JFE j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,* &(* d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,-0+0' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'))0/(. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X K8J@>L8EF :89<Q8J CLQ G8KI@:@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,+ &(d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'((/.0+- p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.'',.*/* [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<E;FQ8 :8JK@CCF AL8E AFJ< j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\%

8:&((-,, &)d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(**)/-( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/'.(-*00/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8D8>L8 ?<IE8E;<Q ;8IN@E =<IE8E;F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,- &*d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0(''(**** p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.'''/00. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X HL@J?G< G@CC8AF AFJ< J8DL<C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,. &+d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +('((''(+0*/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X ;< A<JLJ 8E;I8;< :8ICFJ M@:<EK< j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,/ &,d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +'.((''**0(, [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X :8II<I8 KILA@CCF ;8EEP 8C:@M8I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-,0 &-d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +(((('',//*+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +(((.'',+00' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8L:8I >8C8IQ8 :8ICFJ 8ID8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--' &.d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('//-,( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% (*.''(*-,, [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?@D8IIF K8CC8E8 D8I@8 :<C@E;8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--( &/d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '((''0),+, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''.0)/* [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X HL@EK8E@CC8 :8D8:?F 8E><C J<I8=@E j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--) &0d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(*(0..* [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X :?8C8E DFI8C<J >8CF IF9<IKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--* &('d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (+'(')+,'/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X K8D8PF ?@;8C>F @ID8 8EKFE@<K8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj

jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--+ &((d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(*)).*( [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X ;8M@C8 Q8D9I8EF E<CP 8C@:@8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--, &()d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-*(/,' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X :LE8C8K8 :FIF CL@J 8C=FEJF j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--- &(*d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''(((-./) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +('(.'',.*/' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8C8Q8I J8E:?<Q :8ID<E G@C8I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e Zfef$ Z`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--. &(+d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (-'('(('*, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +(-(.'''0/0( [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M@CCFK8 9<E8M@;<J 8E><C8 K8K@8E8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((--/ &(,d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-(0+', cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X D8C<J @D98HL@E>F <;>8I =<IE8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-*) & (d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,-),'( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '('.)0(-*0 [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFI8C<J DLI@CCF I8LC A8M@<I j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:& ((-**& )d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()/.(.- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X C<FE 8CD<@;8 ><ID8E@8 <CM@I8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-*+ & *d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'())*.). p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-'.('.,-+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J@D98E8 :8II<I8 8C<O :I@JKF98C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-*, & +d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()/+..* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ').''(0/'- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 9FJD<;@8EF IF;I@>L<Q N@CC@8E <;L8I;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-*- & ,d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0(''.(,0, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.''+./,+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8P8C8 :?L>8 AFJ< KFD8J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\

\e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-*. & -d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(++//,, [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X @98II8 J<M@CC8 ILK? :<:@C@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\e$ Z`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((-*/ & .d^

BANCO INTERNACIONAL Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% /''.**(-- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [Â&#x2C6;Xj# ZfekX[fj [\j[\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&((-)) ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ))+)-,) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [Â&#x2C6;Xj# ZfekX[fj [\j[\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&((-)) ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +-'.'*-*) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [Â&#x2C6;Xj# ZfekX[fj [\j[\ cX Â&#x2019;ck`dX glYc`ZX$ Z`Â?e [\ \jk\ Xm`jf% 8:&((-)) * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +('.('-+/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [Â&#x2C6;Xj# ZfekX[fj [\j[\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&((-)) + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% /+'*+- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [Â&#x2C6;Xj# ZfekX[fj [\j[\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&((-)) , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ,''.-,('' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [Â&#x2C6;Xj# ZfekX[fj [\j[\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&((-)) - d^

MUTUALISTA PICHINCHA J\ XelcX gfi gÂ&#x201E;i[`[X cX kXia\kX [\ [Â&#x201E;Y`kf [\ cX DlklXc`jkX G`Z_`eZ_X [\ cX c`Yi\kX [\ X_fiifj Ef% )/')(.*0 g\ik\e\Z`\ek\ X GXki`Z`X JXe[fmXc A`dÂ&#x201E;e\q 8I&/*/'*&ZZ 4444444 J\ XelcX gfi g\i[`[X cX c`Yi\kX [\ X_fiifj (.''*.0.) g\ik\e\$ Z`\ek\ Xc Ji% AlXe :Xicfj 8iX^Â?e I`XÂ&#x152;f [\ cX DlklXc`jkX G`Z_`eZ_X Zfe :%@% (.(-+-0.)0% 8%G%&+0/'(&b%d%

CITIBANK :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ gfi GÂ&#x201E;i[`[X# hl\[X XelcX[f \c Z_\$ hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;j$ k`ZXj1 >`iX[fi1 G8E 8D<I@:8E C@=< @EJLI8E:< :FDG8EP 2 :l\ekX1 *(*(''(- 2 :_\hl\ Ef%

-,-+,/ 2 =\Z_X [\ \d`j`Â?e '/ ;< =<9I<IF ;<C )'(( :Xek`[X[ /0%+, 2 9\e\]`Z`Xi`f1 A8:FD< 8CM8I<Q :@8%CK;8 Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [Â&#x2C6;Xj gfj$ k\i`fi\j X \jkX glYc`ZXZ`Â?e% 8:&((--0 &( d^

BANCO RUMIĂ&#x2018;AHUI HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_f$ iifj :kX%Ef%$/)*)-.-('' Eif% :XikfcX (/)(+'''''+ [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_f$ iifj :kX%Ef%$/',+./-0'' Eif% :XikfcX (.)''-)'(-- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ) d^

8ELC8:@FE<J "M8I@8J KĂ KLCF <OKI8M@8;F J\ Zfdle`ZX Xc gÂ&#x2019;Yc`Zf \c \okiX$ mÂ&#x2C6;f [\c j`^l`\ek\ kÂ&#x2C6;klcf [\ XZZ`Â?e [\c ZXg`kXc jfZ`Xc [\ cX ZfdgXÂ&#x152;Â&#x2C6;X ?FJG@K8C ;< CFJ M8CC<J J%8% ?F;<M8CC<J% KÂ&#x2C6;klcf Ef% 1 )(.0 EÂ&#x2019;d\if [\ XZZ`fe\j1 ) Gifg`\kXi`f1 AL8E :8ICFJ :<M8CCFJ DFI8C<J <c kÂ&#x2C6;klcf Xek\j [\kXccX[f j\i} Xel$ cX[f \e ZXjf [\ ef gi\j\ekXij\ e`e^Â&#x2019;e i\ZcXdf jfYi\ \c d`jdf \e le cXgjf [\ *' [Â&#x2C6;Xj ZfekX[fj [\j[\ cX k\iZ\iX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% Hl`kf# dXpf [\c )'(( >\i\eZ`X >\e\iXc 8%G%&+0/+0&b%d% 4444444 :ffg\iXk`mX )0 [\ FZklYi\ J\ XelcX gfi gÂ&#x201E;i[`[X cX c`Yi\kX [\ X_fiifj +,'(*-/'-' g\ik\e\$ Z`\ek\ X cX JiX% DXiZ`X <jZfYXi :XiiXeqX [\ cX :ffg\iXk`mX )0 [\ FZklYi\% 8%G%&+0/-(&b%d% 444444444 :ffg\iXk`mX JXe G\[if [\ KXYfX[X% Hl\[X XelcX[X gfi \c ifYf cX c`Yi\$ kX [\ X_fiifj 0''(-/+ g\ik\$ e\Z`\ek\ X ?\c\e D`Z_\cc Gl\kXk\ 8cYX [\ cX :ffg\iXk`mX JXe G\[if [\ KXYfX[X% 8%G%&+0/..&b%d% 44444444 8ELC8:@äE ;< 8::@FE<J J\ mX X gifZ\[\i X cX XelcXZ`Â?e [\c kÂ&#x2C6;klcf XZZ`Â?e Ef% , [\ cX ZfdgXÂ&#x152;Â&#x2C6;X IFJ8J ;<C DFEK< IFJ<DFEK< J%8% [\ gifg`\[X[ [\c j\Â&#x152;fi 8CFEJF G<I<Q# Zfii\j$ gfe[`\ek\ X (%*,' XZZ`fe\j fi[`$ eXi`Xj p efd`eXk`mXj [\ LJ (#'' [\ mXcfi efd`eXc ZX[X leX gfi _XY\ij\ \okiXm`X[f% ;\ ef gi\j\ekXij\ fgfj`Z`Â?e \e \c gcXqf [\ *' [Â&#x2C6;Xj X ZfekXij\ [\j[\ cX k\iZ\iX glYc`ZXZ`Â?e [\ \jk\ Xm`jf# j\ gifZ\[\i} X cX \d`$ j`Â?e [\ le el\mf kÂ&#x2C6;klcf# \e i\\d$ gcXqf [\c XelcX[f# [\ XZl\i[f Zfe cX C\p% Hl`kf# X (, [\ alc`f [\ )'((% ;`\^f EXiXeaf I`mXj >\i\ek\ >\e\iXc% 8I&/*./'&ZZ 444444 8ELC8:@äE ;< 8::@FE<J J\ mX X gifZ\[\i X cX XelcXZ`Â?e [\c kÂ&#x2C6;klcf XZZ`Â?e Ef% / [\ cX ZfdgXÂ&#x152;Â&#x2C6;X @EM<IJ@FE<J GFEK<KI<J8 J%8% [\ gifg`\[X[ [\c j\Â&#x152;fi 8CFEJF G<I<Q# Zfii\jgfe[`\ek\ X )+* XZZ`fe\j fi[`eXi`Xj p efd`eXk`mXj [\ LJ (#'' [\ mXcfi efd`eXc ZX[X leX gfi _XY\ij\ \okiXm`X[f% ;\ ef gi\j\ekXij\ fgfj`Z`Â?e \e \c gcXqf [\ *' [Â&#x2C6;Xj X ZfekXij\ [\j[\ cX k\iZ\iX glYc`ZXZ`Â?e [\ \jk\ Xm`jf# j\ gifZ\[\i} X cX \d`$ j`Â?e [\ le el\mf kÂ&#x2C6;klcf# \e i\\d$ gcXqf [\c XelcX[f# [\ XZl\i[f Zfe cX C\p% Hl`kf# X (, [\ alc`f [\ )'((% ;`\^f EXiXeaf I`mXj >\i\ek\ >\e\iXc% 8I&/*./)&ZZ 44444444 Hl\[X XelcX[X cX C`Yi\kX [\ 8_fiifj Ef% '','()/,*( [\c 9XeZf [\ =fd\ekf X efdYi\ [\ K\i\jX 9Â&#x201E;c^`ZX :_`Zf <jkiX[X Z%Z% ')'''0-*./ 8:&/'.-(&k] 444444 Hl\[X XelcX[X cX c`Yi\kX [\ X_f$ iifj Ef% +,''(.((*( g\ik\e\Z`\ek\ X Cfli[\j O`d\eX DlÂ&#x152;fq M`ccXcYX [\ cX :ffg\iXk`mX )0 [\ FZklYi\% 8:&/'.0,&k]